(Address,
including zip code, and telephone number, including area code, of Registrants principal executive offices)

Ken Klein

Chairman and Chief Executive Officer

Tintri, Inc.

303 Ravendale
Drive

Mountain View, CA 94043

(650) 810-8200

(Name,
address, including zip code, and telephone number, including area code, of agent for service)

Copies to:

Tony Jeffries

Michael Coke

Ben
Hance

Wilson Sonsini Goodrich & Rosati, P.C.

650 Page Mill Road

Palo
Alto, CA 94304

(650) 493-9300

Ian Halifax

Chief Financial Officer

Mike Coleman

Vice President
Legal

303 Ravendale Drive

Mountain View, CA 94043

(650) 810-8200

Richard A. Kline

An-Yen E. Hu

Goodwin
Procter LLP

135 Commonwealth Drive

Menlo Park, CA 94025

(650)
752-3100

Approximate date of commencement of proposed sale to the public: As soon as practicable after this registration statement becomes
effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to
Rule 415 under the Securities Act, check the following box: ☐

If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
(Check one):

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐ (Do not check if a smaller reporting company)

Smaller reporting company

☐

Emerging growth company

☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

CALCULATION OF REGISTRATION FEE

Title of Each Class of

Securities to be Registered

Proposed

Maximum

Aggregate

Offering Price(1)(2)

Amount ofRegistration Fee

Common Stock, $0.00005 par value per share

$100,000,000

$11,590.00

(1)

Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended.

(2)

Includes the aggregate offering price of additional shares that the underwriters have the option to purchase to cover over-allotments, if any.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the
Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall
become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

The information in this prospectus is not complete and may be changed. We may not sell
these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction
where the offer or sale is not permitted.

PROSPECTUS (Subject to Completion)

Issued June 1, 2017

Shares

COMMON STOCK

Tintri, Inc. is offering
shares of its common stock. This is our initial public offering and no public market currently exists for our shares of common stock. We anticipate that the initial public
offering price will be between $ and $ per share.

We have applied to list
our common stock on The NASDAQ Global Select Market under the symbol TNTR.

We are an emerging
growth company as defined under the federal securities laws. Investing in our common stock involves risks. See Risk Factors beginning on page 15.

PRICE $ A SHARE

Price
toPublic

UnderwritingDiscounts andCommission(1)

Proceeds
toTintri

Per Share

$

$

$

Total

$

$

$

(1)

See Underwriters for a description of the compensation payable to the underwriters.

We
have granted the underwriters the right to purchase up to an additional shares of common stock to cover over-allotments.

The Securities and Exchange Commission and state regulators have not approved or disapproved of these securities, or determined if this prospectus is
truthful or complete. Any representation to the contrary is a criminal offense.

The underwriters expect to deliver the shares of common stock to
purchasers on , 2017.

What If
Your Organization Could: Stop guessing and simply let your cloud forecast its needs up to 18 months in advance. Manage cloud native and enterprise applications from one platform. Scale from a few terabytes to many petabytes without adding more staff
or receiving surprise bills. Ask a bot via Slack or Amazons Alexa to add capacity for a SQL database without lifting a finger. Run your applications on resource pools that span VMware, Microsoft, and OpenStack. Spin up and tear down a DevOps
environment with a few mouse clicks, then test new products in days instead of weeks. Tintri Enterprise Cloud customers can. 1250+ customers 70% enterprises & CSPs Tintri is highly rated by users on: 21 of the Fortune 100 7 of the top 15 Fortune
100 Our Top 25 customers have ordered 19x the amount ordered in their first quarter as customers* *Top 25 customers based on cumulative orders through January 31, 2017 by customers that have been our customers for at least 12 months.

Unless the
context otherwise requires, the terms Tintri, Tintri, Inc., the company, we, us and our in this prospectus refer to Tintri, Inc. and its subsidiaries. Neither we nor the
underwriters have authorized anyone to provide you with any information or make any representations other than those contained in this prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We
take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are offering to sell, and seeking offers to buy, shares of common stock only in jurisdictions where offers and
sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the common stock. Our business, financial condition,
operating results and prospects may have changed since that date.

Through and including
, 2017 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required
to deliver a prospectus. This is in addition to a dealers obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

For investors outside of the United States: Neither we nor the underwriters have done anything that would permit this offering or possession
or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the
distribution of this prospectus outside of the United States.

This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all the information that
you should consider before deciding to invest in our common stock. You should read the entire prospectus carefully, including Risk Factors, Managements Discussion and Analysis of Financial Condition and Results of
Operations and our consolidated financial statements and notes to those consolidated financial statements before making an investment decision. Some of the statements in this prospectus constitute forward-looking statements. For more
information, see Special Note Regarding Forward-Looking Statements.

TINTRI, INC.

Company Overview

Our mission is to
provide large organizations and cloud service providers with an enterprise cloud platform that offers public cloud capabilities inside their own data centers and that can also connect to public cloud services.

Our highly-differentiated and extensible enterprise cloud platform combines cloud management software, web services and a range of all-flash
storage systems. Our enterprise cloud platform not only delivers many of the benefits of public cloud infrastructure, but also gives organizations the control and functionality they need to run both enterprise and cloud-native applications in their
own private cloud. Organizations use our platform as a foundation for their own private cloudsto build agile development environments and run mission-critical enterprise applications. We enable users to guarantee the performance of their
organizations applications, automate common IT tasks to reduce operating expenses, troubleshoot across compute, storage and network, predict their organizations needs to scale and provide needed elasticity on demand. Our enterprise cloud
platform enables organizations to easily scale to support tens of thousands of virtual machines on a single system across multiple hypervisors and containers. Our solution helps our customers optimize infrastructure by significantly simplifying
deployment and operations, which can lead to substantial reductions in capital expenditures and operating expenses.

Our enterprise cloud
platform is based on the Tintri CONNECT web services architecture, which has similar design characteristics as public cloud architectureusing web services that are easy to assemble, integrate, tear down, reconfigure, and connect to other
services. Our CONNECT architecture uses a building-block approach that is predicated on REST application programming interfaces, or APIs, and virtual machine, or VM, and container level abstraction. REST APIs are needed to write automation scripts
and connect to other elements of infrastructure, and make it possible for web services to be combined and to communicate with other services effectively. Through a comprehensive set of proprietary software tool kits and plugins, we enable users to
develop customized workflows and to automate their operations. Our CONNECT architecture is based on our virtualization-aware file system that allows an organization to view, manage and analyze application performance and quality of service, or QoS.
CONNECT integrates with all major virtualization architectures, including those offered by VMware, Microsoft, Citrix, Red Hat and OpenStack, and can connect with public cloud service providers. Our platform addresses a large variety of use
cases, including server virtualization, virtual desktop infrastructure, or VDI, disaster recovery and data protection, and development operations, or DevOps.

We were founded in June 2008 and introduced our first products in March 2011. We focus on large private and public sector organizations and
cloud service providers, or CSPs. As of January 31, 2017, we had more than 1,250 customers, including seven of the top 15 Fortune 100 companies and 21 of the Fortune 100 companies,

which span a diverse set of industry verticals, such as education, financial services and insurance, healthcare, manufacturing and technology. Many of our customers continue to purchase from us
on an ongoing basis. We define our customers as the end-users who have purchased one or more of our products. Our top 25 customers (as measured by their cumulative orders through January 31, 2017) that have been our customers for at least
twelve months have on average cumulatively ordered more than 19x the amount they ordered from us in their first quarter as a customer. We plan to continue to focus on acquiring customers and maximizing their lifetime value through our demonstrated
land-and-expand strategy.

We have experienced significant revenue growth, with revenue increasing from $49.8 million in fiscal 2015
to $86.0 million in fiscal 2016 and to $125.1 million in fiscal 2017, representing year-over-year growth of 73% and 45%, respectively, for our two most recent fiscal years. Our net loss was $69.7 million, $101.0 million, and $105.8 million in fiscal
2015, 2016, and 2017 respectively. We have funded our activities primarily through debt and equity financings. As of January 31, 2017, we had an accumulated deficit of approximately $338.7 million.

Industry Background

Cloud technologies
are changing how organizations deploy, manage and support the applications that are critical to running their businesses.

Adoption
of Private and Public Cloud Solutions to Address Diverse Application Requirements

The conventional IT model, which has been
constrained by siloed, costly and inflexible infrastructure, is giving way to cloud architectures that are designed to serve business applications with increased agility, productivity and cost-efficiency. Enterprises are seeking to deploy cloud
technologies through either public clouds or private clouds, which includes both on-premise and hosted options.

Many organizations also
have realized that while public cloud delivers many benefits, it is not the right solution for all problems. Moving applications to public cloud platforms can result in significant migration cost and effort, requiring applications to be recoded,
reconfigured, refactored, and reintegrated. In addition, while public cloud infrastructure is able to scale applications with fluctuating demand, the unexpected cost from unpredictable data growth or the cost of a large scale cloud deployment can
quickly get out of control. Private clouds provide many of the benefits of public clouds, such as resource pooling, rapid scaling, automation and self-service, but with superior security, control and flexibility for the organizations
applications. Private clouds give organizations more control over access and usage of their applications, making private clouds ideal for larger businesses or those with strict data, regulatory and governance obligations. Unlike public-cloud
solutions, private clouds can satisfy the needs of both enterprise and cloud-native applications. Many companies now utilize a combination of public clouds and private clouds.

In recent years, businesses have significantly increased their use of virtualization and containers to achieve greater infrastructure
cost-efficiencies and scale. IDC estimates that by the end of 2020, virtualized instances would represent over 90% of the instances deployed globally. IDCs CloudView Survey respondents expect their IT budget for the private cloud to grow 51.5%
from 2016 to 2018. Many companies now utilize a combination of public clouds and private clouds. A recent IDC report predicted that more than 85% of enterprise IT organizations will commit to multicloud architectures encompassing a mix of public
cloud services, private clouds and hosted clouds by 2018.

Emergence of Enterprise Cloud

The compelling benefits of private cloud and the desire to have access to public cloud give rise to what is generally referred to as an
enterprise cloud, which is a cloud infrastructure deployed in an organizations own

data center with connections to public cloud services. An enterprise cloud possesses many of the same benefits and capabilities as public cloud, including autonomous services, automation,
self-service and analytics, with added control, security, and support for enterprise applications that only a private cloud can provide. The National Institute of Standards and Technology definition lists five essential characteristics of cloud
computingon-demand self-service, broad network access, resource pooling, rapid elasticity or expansion and measured services, which are the key attributes of the functionality offered by enterprise cloud. With this functionality, an enterprise
cloud solution can deliver many of the benefits of public cloud and can achieve the desired functionality, scalability and efficiency that organizations need.

Limitations of Conventional Data Center Infrastructure

While private cloud can deliver many of the benefits of public cloud, we believe that organizations have difficulty deploying an enterprise
cloud platform built using conventional architectures. While many infrastructure components, including server, network and security, have evolved to support virtualized infrastructure and migration to the cloud, innovation in storage has lagged and
lacked granular level operation at the VM and container level. As a result, organizations that have deployed next-generation servers, networking and security infrastructure have found it significantly more time-consuming and complex to manage,
diagnose and fix performance issues with their conventional storage.

The industry has attempted to bridge the gap between conventional
and cloud architecture through hyperconverged infrastructure, or HCI. We believe enterprise customers require the ability to support tens of thousands of VMs, which HCI solutions struggle to achieve. Additionally, it can be harder to independently
scale resources with HCI systems. Because of these limitations, HCI systems do not meet many of the requirements of an enterprise cloud platform.

Requirements of an Enterprise Cloud Platform

An enterprise cloud platform combines cloud management with storage to simplify the management and operation of enterprise or cloud-native
applications. We believe the requirements of an enterprise cloud platform are:



consistent and autonomous QoS;



application level insight;



comprehensive automation capabilities;



ease of deployment and highly scalable;



simple self-service models;



private and public cloud integration; and



software-based services with ability to mix and match services.

Our Solution

Our highly differentiated and extensible enterprise cloud platform combines cloud management software and a range of all-flash storage systems.
Organizations use our platform as a foundation for their own private cloudsto build and run agile development environments for cloud-native applications and mission-critical enterprise applications.

Our enterprise cloud platform is based on the Tintri CONNECT web services architecture, which is designed using a building-block approach
predicated on REST APIs and VM and container level abstraction.

Through a comprehensive set of proprietary software tool kits and plugins, we enable customers to develop customized workflows and to automate their operations. Our platform addresses a large
variety of use cases, including DevOps, disaster recovery and data protection, server virtualization and desktop virtualization.

Tintris enterprise cloud platform addresses the requirements of the modern data center, especially in large and complex environments
across multiple hypervisors. By creating an architecture fully aligned with virtualized applications, our enterprise cloud solutions provide the following benefits to our customers.

AnalyticsImprove Decisions with Real-time and Predictive Analysis. Our solution allows for deeper visibility into every application, identifies underperforming applications and addresses the
root cause of latency with minimal time and effort. By contrast, conventional storage and software products aggregate and average metrics over hundreds of virtualized applications.



AutomationSimplify Deployment and Management at Scale. Our solution is easy to install, configure and manage. Most installations of our systems take less than 60 minutes and can be deployed entirely
by the customer at a greatly reduced cost without our field engineers and support staff. By contrast, conventional storage generally requires specialized storage expertise or third-party software to manage and operate which increases cost,
complexity and potential for error.



Self-serviceRemove Dependencies on IT to Accelerate Business. Using our self-service tools, IT generalists in the data center, or non-IT staff members in a business unit, can administer our
platform to simplify tasks such as requesting capacity, performance, policies and other actions.



Support and Manage Complex Environments Using an Open and Versatile Architecture. Our open architecture natively supports all major virtualization architectures and can connect with public cloud
service providers, making it an ideal solution for complex enterprise and cloud environments.



Provide Customers with Software-Based Choice. Our software allows organizations to choose the specific features such as replication, encryption, cloning, snapshots and predictive analytics based on
relevance to their unique deployments. We are thus able to configure software solutions to meet the specific needs of various customers.

Our enterprise cloud platform solution and software products address the key enterprise cloud requirements, and deliver them through a mix of
on-premises storage hardware, value-added storage software and SaaS-based software services for virtualized environments. We participate in the global virtualized x86 storage systems market, which according to IDC is expected to grow from $25.7
billion in 2017 to $27.0 billion in 2018, and the virtualized x86 storage software market, which according to IDC is expected to grow from $9.5 billion in 2017 to $10.4 billion in 2018.

To address the global virtualized x86 storage systems and software market opportunity, which according to IDC is expected to be
$37.4 billion in 2018, Tintri taps into the following demand drivers:



Adoption of Virtualization-Centric Storage Systems. IDC expects the subset of the storage segment for virtualized x86 server environments which are based on IP protocols, which we define as NAS and
iSCSI combined, to grow from $7.1 billion in 2017 to $7.4 billion in 2018.

Move to Flash-Based Storage. IDC expects the all-flash array storage market to grow from $5.8 billion in 2017 to $6.8 billion in 2018.



Use of Primary Storage Platforms for Data Protection and Recovery. IDC forecasts that the market for disk-based data protection and recovery will grow from $15.5 billion in 2017 to $16.1 billion in
2018.

Our enterprise cloud solutions allow us to capture spend from the following markets (some of which may overlap with
the above listed storage systems and software market segments), which have an estimated combined spend of $27.2 billion in 2018, according to IDC:



The spend on storage hardware deployed in private clouds, which is expected to be $7.8 billion;



The spend on storage software deployed on-premise, which is expected to be $15.5 billion; and



The spend on cloud systems management software deployed on-premise, which is expected to be $3.9 billion.

Our Competitive Strengths

We believe we
have competitive strengths that will enable us to maintain and expand our position in the enterprise cloud market, including:



Our Solution Is Purpose-Built for Enterprise Cloud. Our solutions ability to monitor and manage at the individual virtual machine and container level is central to our ability to deliver
differentiated value to customers. Since 2008, we have spent over 400 human years to develop solutions purpose-built for enterprise cloud environments. We believe that our competitors would need to materially re-architect their products
hardware and software to provide similar functionality.



Our Value Stems from Highly Differentiated Software. Tintri CONNECT operates at the individual virtual machine and container level, which unlocks the potential of our software and makes it possible
for customers to, for example, guarantee application performance by automatically optimizing system resources; move and protect data and troubleshoot at VM and container level; predict future performance and capacity growth; and provide VM and
container level visibility across the entire infrastructure.



Our Customers Purchase Our Software Products Incrementally. Our customers may buy software products incrementally or as part of a suite on an as-needed basis and tailor their solutions to their
specific enterprise environment requirements. We believe that by offering our customers this flexibility, we provide them with differentiated value, thereby enabling us to drive incremental product sales.



We Offer Our Customers the Ability to Balance Private Cloud and Public Cloud Deployments. We enable organizations to achieve the right mix of private and public cloud deployments to meet their
objectives. Our architecture offers the benefits of public clouds to those workloads that best reside in the enterprise data center. We have developed connector software that is designed to connect the private cloud with public clouds. Competitive
alternatives do not offer comprehensive APIs that enable full automation, serve as a building block, or simplify connections to public clouds.



We Successfully Sell Enterprise Cloud to Large Organizations and CSPs. We sell to a growing list of large organizations and CSP customers. Our value proposition to these customers is particularly
compelling given that these organizations have large data centers with complex requirements and can benefit the most from self-service, automated workflows, predictive analytics and guaranteed application performance through autonomous operation.

Pursue Additional Large Organizations and CSPs. We intend to continue our sales efforts to further penetrate the Global 2000 enterprises and CSPs with the most demanding workloads and complex cloud
requirements.



Leverage Line of Business Buyers to Accelerate Adoption. We intend to continue to focus on selling to line of business buyers, who generally have their own IT budgets, and leverage those
relationships to sell more broadly within their organizations.



Increase Sales to Installed Base. We intend to continue expanding our footprint with our existing customers by supporting additional use cases and selling additional software products. These
additional use cases include data protection and disaster recovery, to expand our total addressable market.



Expand Sales and Marketing Presence in New and Existing Markets. We plan to expand our presence in both existing and new markets, including territories in the Middle East, Asia and Europe.



Support Value-Add Channel Partners. We expect to focus our efforts on supporting those partners offering cloud services, including infrastructure stacks that include our solutions.



Expand and Deepen Technology Partnerships and Integrations. We intend to expand and deepen our relationships with leading technology companies. We expect to continue to work closely with our
partners to achieve certifications and integrations as well as to seek additional partnerships that will allow us to address new customer use cases and deployments.

Risks Associated with Our Business

Our
business is subject to numerous risks and uncertainties, including those highlighted in Risk Factors immediately following this Prospectus Summary. These risks include, but are not limited to, the following:



we have a history of losses and may not be able to achieve or maintain profitability;



we have a limited operating history, which makes our future operating results difficult to predict and exposes our business to a number of risks and uncertainties;



our revenue growth rate in recent periods may not be indicative of our future performance;



our operating results may fluctuate significantly on a quarterly basis, which could make our future results difficult to predict and could cause our operating results to fall below expectations;



we face intense competition from numerous established companies and new entrants;

we have experienced rapid growth in recent periods, and if we do not effectively manage any future growth or are unable to improve our systems, processes and controls, our business may be adversely affected;



if the enterprise cloud market does not evolve as we anticipate or our target customers do not adopt our enterprise cloud solutions, we may not be able to compete effectively, and our ability to generate revenue will
suffer;



our growth depends in part on our ability to attract new customers and sell additional solutions and renewals to existing customers;



if our third-party channel partners fail to perform, our ability to sell and distribute our solutions will be limited, and our operating results will be adversely affected;



reliance on shipments at the end of the quarter could cause our revenue for the applicable period to fall below expected levels;



the markets for enterprise cloud systems and storage solutions are rapidly evolving and, if we fail to correctly anticipate and respond to developing industry trends, demand for our solutions may decline;



if we fail to develop or introduce new or enhanced solutions on a timely basis, our ability to attract and retain customers could be impaired and our competitive position could be adversely affected;



our solutions must interoperate with third-party hypervisors and operating systems, software applications and hardware, and if we fail to maintain the compatibility of our solutions with such software and hardware, we
may lose or fail to increase our market share and may experience reduced demand for our solutions; and



if we are not able to successfully increase sales of our solutions to large organizations and CSPs, our operating results may suffer.

Corporate Information

We were
incorporated in Delaware in June 2008. Our principal executive offices are located at 303 Ravendale Drive, Mountain View, CA 94043. Our telephone number at that location is (650) 810-8200. Our website address is www.tintri.com.
Information on our website is not part of this prospectus and should not be relied upon in determining whether to make an investment decision.

The Tintri design logo and the marks Tintri, VMstore, Tintri OS, Tintri Global Center,
ReplicateVM, SecureVM, SyncVM and VM Scale-out are the property of Tintri. This prospectus contains additional trade names, trademarks and service marks of other companies. We do not intend our use or
display of other companies trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, these other companies.

Emerging Growth Company Status

We are an
emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As such, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other
public companies including, but not limited to:



reduced disclosure of financial information in this prospectus, including two years of audited financial information and two years of selected financial information;



not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act;

exemptions from the requirements of holding a non-binding advisory vote on executive compensation and golden parachute arrangements; and



delayed adoption of new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies.

We have elected to include reduced disclosure of financial information and reduced disclosure regarding executive compensation in this
prospectus. In addition, we have irrevocably elected not to avail ourselves of the exemption allowing for delayed adoption of new or revised accounting standards and, therefore, will be subject to the same new or revised accounting standards as
other public companies that are not emerging growth companies. Other than with respect to our election regarding the timing of the adoption of the new accounting standards, we may choose to take advantage of one or more of these exemptions in the
future.

We will remain an emerging growth company until the earliest to occur of: the last day of the fiscal year in which we have more
than $1.0 billion in annual revenue; the date we qualify as a large accelerated filer, with at least $700 million of equity securities held by non-affiliates; the issuance, in any three-year period, by us of more than
$1.0 billion in non-convertible debt securities; and the last day of the fiscal year ending after the fifth anniversary of our initial public offering.

We have granted the underwriters a 30-day option to purchase up to
additional shares
of common stock at the public offering price less underwriting discounts and commissions.

Common stock to be outstanding after this offering

shares ( shares,
if the underwriters exercise their option to purchase additional shares in full)

Use of proceeds

We estimate that the net proceeds from our sale of shares of common stock in this offering at an assumed initial public offering price of $ per share, the midpoint of the price range
reflected on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, will be approximately $ million, or
$ million if the underwriters option to purchase additional shares is exercised in full.

We intend to use the net proceeds from this offering for general corporate purposes, including working capital, sales and marketing
activities, engineering initiatives, including enhancement of our solution and investment in technology and development, general and administrative expenses and capital expenditures. We also may use a portion of the net proceeds from this offering
to acquire or invest in businesses, products, services or technologies that complement our business, although we have no present commitments to complete any such transactions.

Concentration of Ownership

Upon the completion of this offering, our executive officers and directors and stockholders holding more than 5% of our outstanding shares, and their affiliates, will beneficially own, in the aggregate, approximately
% of our outstanding shares as of January 31, 2017. See Principal Stockholders for additional information.

Proposed NASDAQ trading symbol

TNTR

The number of shares of our common stock to be outstanding after this offering is based on
133,854,232 shares of our common stock outstanding as of January 31, 2017, and excludes:



22,679,673 shares of common stock issuable upon the exercise of options outstanding as of January 31, 2017, with a weighted-average exercise price of $2.07 per share;



6,497,026 shares of common stock issuable upon the exercise of options granted after January 31, 2017 with a weighted-average exercise price of $2.28 per share;

874,500 shares of common stock issuable upon the exercise of warrants outstanding as of January 31, 2017, with a weighted-average exercise price of $2.22 per share;



510,900 and 10,000,000 shares of common stock issuable upon the exercise of warrants issued after January 31, 2017, with an exercise price of $2.45 per share and $2.74 per share, respectively;



1,716,600 shares of common stock issuable upon the vesting of RSUs outstanding as of January 31, 2017;



8,963,572 shares of common stock issuable upon the vesting of RSUs granted or approved after January 31, 2017;



shares of common stock reserved for future issuance under our stock-based compensation plans, consisting of (i) 6,389,882 shares of
common stock reserved for future issuance under our 2008 Stock Plan, (ii) shares of common stock reserved for future issuance under our 2017
Equity Incentive Plan which will become effective one business day prior to the effectiveness of the registration statement of which this prospectus is made a part, and
(iii) shares of common stock reserved for future issuance under our 2017 Employee Stock Purchase Plan, which will become effective on the day of its
adoption by our board of directors. In addition, the shares of common stock that are available under our 2017 Equity Incentive Plan and 2017 Employee Stock Purchase Plan may be increased pursuant to provisions thereof that automatically
increase the share reserves under the plans each year, as more fully described in Executive CompensationEmployee Benefit and Stock Plans.

Except as otherwise indicated, all information in this prospectus assumes:



a one-for- reverse split of our common stock to be effected prior to the effectiveness of the registration statement of which this prospectus forms a part;



the effectiveness of our amended and restated certificate of incorporation immediately prior to the completion of this offering;



the automatic conversion and reclassification of all outstanding shares of our convertible preferred stock into an aggregate of 107,958,277 shares of our common stock, which will occur immediately prior to the
completion of this offering;



the conversion of all outstanding warrants to purchase convertible preferred stock into warrants to purchase shares of common stock at the then-applicable conversion rate;



no exercise of outstanding options or warrants subsequent to January 31, 2017; and



no exercise of the underwriters option to purchase additional shares.

The following table summarizes our consolidated financial data. The summary consolidated statements of operations data presented below for
fiscal 2015, 2016 and 2017 are derived from our audited consolidated financial statements that are included elsewhere in this prospectus. The following summary consolidated financial data should be read together with our consolidated financial
statements and the related notes, as well as Managements Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this prospectus. Our historical results are not necessarily indicative of our
results in any future period.

Fiscal Year Ended January 31,

2015

2016

2017

(in thousands, exceptshare and per share data)

Consolidated Statement of Operations Data:

Revenue:

Product

$

41,420

$

68,652

$

97,330

Support and maintenance

8,379

17,360

27,775

Total revenue

49,799

86,012

125,105

Cost of revenue:

Product(1)

17,144

25,138

34,738

Support and maintenance(1)

4,565

7,110

9,437

Total cost of revenue

21,709

32,248

44,175

Gross profit:

Product

24,276

43,514

62,592

Support and maintenance

3,814

10,250

18,338

Total gross profit

28,090

53,764

80,930

Operating expenses:

Research and development(1)

28,155

43,179

53,445

Sales and marketing(1)

55,060

87,993

108,903

General and administrative(1)

13,941

18,773

19,364

Total operating expenses

97,156

149,945

181,712

Loss from operations

(69,066

)

(96,181

)

(100,782

)

Other expense, net:

Interest expense

(279

)

(4,407

)

(5,231

)

Other income (expense), net

(119

)

254

677

Total other expense, net

(398

)

(4,153

)

(4,554

)

Loss before provision for income taxes

(69,464

)

(100,334

)

(105,336

)

Provision for income taxes

222

634

465

Net loss

$

(69,686

)

$

(100,968

)

$

(105,801

)

Net loss per share attributable to common stockholders, basic and diluted(2)

$

(4.22

)

$

(5.36

)

$

(5.12

)

Weighted-average shares used to compute net loss per share attributable to common stockholders,
basic and diluted(2)

16,502,481

18,845,680

20,655,296

Pro forma net loss per share attributable to common stockholders, basic and
dilutedunaudited(2)

$

(0.82

)

Pro forma weighted-average shares used in computing pro forma net loss per share attributable to
common stockholders, basic and dilutedunaudited(2)

See Note 12 to our consolidated financial statements that are included elsewhere in this prospectus for an explanation of the calculations of our basic and diluted net loss per share attributable to common
stockholders, and unaudited pro forma net loss per share attributable to common stockholders calculations.

As of January 31, 2017

Actual

Pro Forma(1)

Pro Forma asAdjusted(2)(3)

(unaudited)

(in thousands)

Consolidated Balance Sheet Data:

Cash and cash equivalents

$

48,048

$

48,048

Working capital

27,110

27,110

Total assets

104,902

104,902

Deferred revenue, current and non-current

56,445

56,445

Long-term debt, current and non-current

48,914

48,914

Convertible preferred stock

257,141



Total stockholders deficit

(298,981

)

(41,272

)

(1)

The pro forma column reflects the conversion of all outstanding shares of convertible preferred stock into 107,958,277 shares of common stock immediately upon the closing of this offering.

(2)

The pro forma as adjusted column further reflects the receipt of $ in net proceeds from our sale of
shares of common stock in this offering at the initial public offering price of $ per share, the midpoint
of the range on the cover page of this prospectus, after deducting underwriting discounts and commissions and estimated offering expenses payable by us.

(3)

Each $1.00 increase or decrease in the assumed initial public offering price of $ per share, the midpoint of the offering price range set forth on the cover of this
prospectus, would increase or decrease, respectively, the amount of cash and cash equivalents, working capital, total assets and total stockholders (deficit) equity by $ million, assuming
the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting underwriting discounts and commissions. We may also increase or decrease the number of shares we are offering. An increase or
decrease of 1.0 million in the number of shares we are offering would increase or decrease, respectively, the amount of cash and cash equivalents, working capital, total assets and total stockholders (deficit) equity by approximately
$ million, assuming the assumed initial public offering price per share, as set forth on the cover page of this prospectus, remains the same after deducting underwriting discounts and commissions.
The pro forma as adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this offering determined at pricing.

Our deferred revenue consists of amounts that have been invoiced but that have not yet been recognized as revenue as of the period end. The
majority of our deferred revenue balance consists of support and maintenance revenue that is recognized ratably over the contractual service period. These service periods range from one to five years and, as of January 31, 2017, averaged
approximately two years.

Free Cash Flow as a Percentage of Total Revenue

Free cash flow as a percentage of total revenue is a non-GAAP financial measure we calculate by dividing free cash flow by total revenue. We
define free cash flow, a non-GAAP financial measure, as cash used in operating activities less purchase of property and equipment. We have included free cash flow as a percentage of total revenue in this prospectus because it is a key measure used
by our management and board of directors to understand and evaluate our free cash flow in relation to our revenue growth. In addition, we consider free cash flow to be a liquidity measure that provides useful information to management and investors
about the amount of cash generated by the business that, after the purchases of property, equipment, can be used for strategic opportunities, including investing in our business, making strategic acquisitions, and strengthening the balance sheet.
See Selected Consolidated Financial and Other DataCertain Key Financial and Operational Metrics for information regarding the limitations of using free cash flow as a financial measure. A reconciliation of free cash flow to cash
flow provided by operating activities, the most directly comparable financial measure calculated and presented in accordance with GAAP, is provided below:

We define a customer as an end user that purchases our products and services either from one of our channel partners or from us
directly. In situations where there are multiple purchases by multiple subsidiaries or divisions, universities, or governmental organizations affiliated with a single entity, each separate buying unit within an organization is counted as
representing a separate customer. We do not include our channel partners or distributors in our definition of a customer.

Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below,
together with all of the other information contained in this prospectus, including our consolidated financial statements and the related notes thereto, before making a decision to invest in our common stock. The risks and uncertainties described
below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that affect us. If any of the following risks occur, our business,
financial condition, operating results and prospects could be materially and adversely affected. In that event, the price of our common stock could decline, and you could lose part or all of your investment.

Risks Related to Our Business

We have a history
of losses and may not be able to achieve or maintain profitability.

We have incurred losses in all fiscal years since our
inception, and we expect that we will continue to incur net losses for the foreseeable future. We experienced net losses of $69.7 million, $101.0 million and $105.8 million for fiscal 2015, 2016 and 2017, respectively. As of
January 31, 2017, we had an accumulated deficit of $338.7 million. We anticipate that our operating expenses will increase substantially in the foreseeable future as we continue to hire additional employees, develop our technology and
enhance our product and service offerings, expand our sales and marketing teams, make investments in our distribution channels, expand our operations and prepare to become a public reporting company. These efforts may prove more expensive than we
currently anticipate, and we may not succeed in increasing our revenue sufficiently to offset these higher expenses, or at all. Revenue growth may slow or revenue may decline for a number of possible reasons, including slowing demand for our
products or services, increasing competition, a decrease in the growth of our overall market or a failure to capitalize on growth opportunities. Any failure to increase our revenue as we grow our business could prevent us from achieving or
maintaining profitability or positive free cash flow.

We have a limited operating history, which makes our future operating results difficult to
predict and exposes our business to a number of risks and uncertainties.

We were founded in June 2008 and began selling our
solution and generating revenue in 2011. We have a limited operating history in an industry characterized by rapid technological change, changing customer needs, intense competition, evolving industry standards and frequent introductions of new
products and services. Our limited operating history makes it difficult to evaluate our current business and our future prospects, including our ability to plan for and model future growth. All of these factors, as well as the other risks described
in this prospectus, make our future operating results difficult to predict, which may impair our ability to manage our business and reduce your ability to assess our prospects.

We have encountered, and will continue to encounter, risks and uncertainties frequently experienced by growing companies in rapidly changing
industries. Our limited operating history makes it more difficult for us to predict these risks and uncertainties. If our assumptions regarding these risks and uncertainties (which we use to plan our business) are incorrect or change, or if we do
not address these risks and uncertainties successfully, our operating and financial results could differ from our expectations, and our business and prospects could suffer.

Our revenue growth rate in recent periods may not be indicative of our future performance.

We have experienced significant growth in recent periods, with revenue growing from $86.0 million in fiscal 2016 to $125.1 million in
fiscal 2017, representing year-over-year growth of 45% for our most recent fiscal year. If we are able to achieve greater revenue scale, we may not be able to maintain revenue growth rates consistent with this historical growth rate. You should not
rely on our revenue for any prior quarterly or annual periods as any indication of our revenue or revenue growth for any future period.

Our operating results may fluctuate significantly on a quarterly basis, which could make our future results
difficult to predict and could cause our operating results to fall below expectations.

Our operating results may fluctuate on a
quarterly basis due to a variety of factors, many of which are outside of our control. As a result, comparing our operating results on a period-to-period basis may not be meaningful. If our revenue or operating results in any particular period fall
below investor expectations, the price of our common stock would likely decline. Factors that are difficult to predict and that could cause our quarterly operating results to fluctuate include:



the timing and magnitude of orders and shipments of our products in any quarter;



our ability to attract new and retain existing customers;



our ability to increase and maintain sales coverage and effectiveness;



our ability to sell additional products to our existing customers;



disruptions in our sales channels or termination of our relationship with important distributors, channel partners, OEMs, contract manufacturers and suppliers;

the mix of solutions sold and the mix between product revenue and support and maintenance revenue;



the timing of introductions of plans of new products and our ability to manufacture and sell new products;



the amount and timing of expenses to grow our business;



the timing of revenue recognition for our sales;



regulatory, tax, accounting and other changes in requirements or policies applicable to us;



volatility in our share price, which may lead to higher stock-based compensation expense; and



general socioeconomic and political conditions in the countries where we operate or where our solution is sold or used.

Any one of the factors above or the cumulative effect of the factors above may result in significant fluctuations in our operating results
from period to period. This variability and unpredictability could result in our failure to meet our internal operating plan or the expectations of securities analysts or investors for any period. If we fail to meet such expectations, the market
price of our common stock could decline and we could face costly lawsuits, including securities class action litigation.

We face intense
competition from numerous established companies and new entrants.

We face intense competition from numerous established companies
that sell competitive enterprise cloud infrastructure systems or storage solutions. These competitors include large system vendors, consisting primarily of EMC and NetApp, and also Dell Technologies, Hitachi Data Systems, HP Enterprise, IBM and
VMware, that offer a broad range of data center systems targeting various use cases and end markets. We also face competition from other companies, including companies that offer solutions powered entirely or partially by flash memory technology,
such as Nimble Storage, a Hewlett Packard Enterprise company, Nutanix and Pure Storage. These competitors, as well as other potential competitors, where compared to us may have:



greater name recognition and longer operating histories;



larger sales and marketing and customer support budgets and resources;

infrastructure solutions that are, or that are perceived to be, simpler and faster to deploy, or able to store and process data more effectively;



infrastructure solutions that store and process both physical and virtualized workloads;



larger and more mature intellectual property portfolios; and



substantially greater financial, technical and other resources.

Furthermore, many of our
competitors benefit from established brand awareness and long-standing relationships with key decision makers at many of our current and prospective customers. We expect that our competitors will seek to leverage these existing relationships to
discourage customers from purchasing our solution. If we are unsuccessful in establishing or maintaining relationships with customers, or if customers are reluctant or unwilling to try our solution, our ability to compete in the marketplace or to
grow our revenue could be impaired.

Our competitors utilize a broad range of competitive strategies. For example, some of our competitors
have offered bundled products and services in order to reduce the initial cost of their storage solutions. Our competitors may also compete on purchase price and total cost of ownership, and may choose to adopt more aggressive pricing policies than
we choose to adopt in the future.

Certain of our competitors may have developed, claim to have developed or have indicated that they
intend to develop enterprise cloud technologies that may compete with our solution. We expect our competitors to continue to improve the performance of their solutions, reduce their prices and introduce new services and technologies that may, or
that they may claim to, offer greater performance and improved total cost of ownership as compared to our solution. These and other competitive pressures may prevent us from competing successfully against current or future competitors. If we are
unable to acquire customers, or if we are forced to reduce prices in order to do so, our business, operating results and financial condition may be adversely affected.

We have experienced rapid growth in recent periods, and if we do not effectively manage any future growth or are unable to improve our systems,
processes and controls, our business may be adversely affected.

We have experienced rapid growth and increased demand for our
solution over the last several years. Our employee headcount and number of customers have increased significantly, and we expect to continue to grow our headcount and customer base significantly in the future.

Furthermore, we have increasingly managed more complex deployments of our products and services with larger customers. The growth of our
business and our offerings creates an ongoing strain on our management, operational and financial resources. To manage our growth effectively, we must continue to improve and expand our information technology and financial infrastructure, our
operating and administrative systems and our ability to manage headcount, capital and processes in an efficient manner. The increased operational complexity and higher costs of international product deployments and infrastructure expansion makes
managing our growth outside of the United States uniquely challenging. Our failure to scale or manage improvements in these functions, processes and controls could disrupt existing customer relationships, limit the deployments of our solution,
reduce the quality of our products and services, increase our technical support costs and impair our ability to operate our business and protect our assets. Failure to manage any future growth effectively could result in increased costs and harm our
business, operating results and financial condition.

If the enterprise cloud market does not evolve as we anticipate or our target customers do not adopt our
enterprise cloud solutions, we may not be able to compete effectively, and our ability to generate revenue will suffer.

We compete
in the new enterprise cloud category with our Tintri VMstore solutions, and the market for enterprise cloud solutions is still in an early stage. Our success depends upon our ability to provide enterprise cloud infrastructure solutions that
address the needs of customers more effectively and economically than those of other competitors or existing technologies.

Many of our
target customers have never purchased enterprise cloud infrastructure solutions and may not have the desire or available budget to invest in new technologies such as ours. Market awareness of our value proposition will be essential to our continued
growth and our success, particularly for the enterprise and CSP markets. It is difficult to predict with any precision customer adoption rates, customer demand for our solution or the future growth rate and size of our market.

Changes or advances in alternative technologies or adoption of alternative enterprise cloud infrastructure offerings could adversely affect
the demand for our solution. If the enterprise cloud infrastructure market does not develop in the way we anticipate, if our solution does not offer benefits compared to competing solutions or if customers do not recognize the benefits that our
solution provides, then our business, operating results and financial condition could be adversely affected.

Our growth depends in part on our
ability to attract new customers and sell additional solutions and renewals to existing customers.

Our future success depends in
part on our ability to increase sales of our solution to new customers domestically and internationally, as well as to increase sales of additional solutions and renewals to our existing customers. The rate at which new and existing customers
purchase solutions depends on a number of factors, including customers perceived need for enterprise cloud infrastructure solutions, general economic conditions and our ability to compete effectively with our competitors. We may also be forced
to engage in sophisticated and costly sales efforts, which may not result in additional sales.

Furthermore, the rate at which our
customers purchase additional enterprise cloud infrastructure solutions is subject to a number of risks, including the nature and extent of their IT infrastructure needs, their level of satisfaction with our prices and features relative to
competitive offerings, their spending levels on IT infrastructure solutions and other factors outside of our control.

We provide our
support services under limited term contracts, which range from one to five years. Our customers renewal rates may decline or fluctuate as a result of a number of factors, including their level of satisfaction with our solution, our customer
support and increased competition and the pricing of our, or competing, services. Even if our customers choose to renew their support contracts, they may renew for shorter contract periods or on other terms that are less beneficial to us. We have
limited historical data with respect to rates of customer renewals, so we may not accurately predict future renewal trends.

We cannot
ensure that our customers will purchase our solution or will renew their support contracts, and their failure to make such purchases or renewals may adversely affect our business, operating results and financial condition.

If our third-party channel partners fail to perform, our ability to sell and distribute our solution will be limited, and our operating results will be
adversely affected.

We depend on channel partners and distributors for a substantial majority of our sales. Approximately 89% and
85% of our revenue was derived from sales to our channel partners and distributors in fiscal 2016 and fiscal

2017, respectively. We also depend upon our channel partners to manage the customer sales process and to generate sales opportunities. To the extent our channel partners are unsuccessful in
fulfilling our sales, managing the sales process or selling our solution, or we are unable to enter into arrangements with, and retain a sufficient number of high-quality, motivated partners in each of our sales regions, our ability to sell our
solution will be adversely affected.

Our contracts with channel partners are typically terminable without cause by either party after an
initial term of one year. Our channel partner agreements do not prohibit them from offering competitive products or services and do not contain any purchase commitments. Many of our channel partners also sell our competitors solutions. If our
channel partners give higher priority to our competitors storage solutions, we may be unable to grow our revenue and our net loss could increase. Further, in order to develop and expand our channels, we must continue to scale and improve our
processes and procedures that support our channel partners, including investments in systems and training, and those processes and procedures may become increasingly complex and difficult to manage. If we fail to maintain existing channel partners
or develop relationships with new channel partners, our business, operating results and financial condition may be adversely affected.

Reliance on
shipments at the end of the quarter could cause our revenue for the applicable period to fall below expected levels.

As a result
of customer buying patterns and related sales efforts, we have historically received a substantial portion of sales orders and generated a substantial portion of revenue during the last few weeks of each fiscal quarter. If expected revenue at the
end of any fiscal quarter is delayed for any reason, including any failure of anticipated sales transactions to materialize, any inability on our part to ship products prior to fiscal quarter-end to fulfill sales orders received near the end of the
fiscal quarter, any failure on our part to manage inventory to meet demand, any inability on our part to release new solutions on schedule, any failure of our systems related to order review and processing and other terms that may delay the
recognition of revenue or any unexpected sales cancellations, our revenue for that quarter could fall below our expectations and the estimates of analysts, which could adversely impact our business, operating results and financial condition.

The markets for enterprise cloud systems and storage solutions are rapidly evolving and, if we fail to correctly anticipate and respond to developing
industry trends, demand for our solution may decline.

The IT infrastructure and storage industries are characterized by rapidly
evolving technology, customer needs and industry standards. To remain competitive, we must correctly anticipate and invest in the adoption of new and emerging technologies, and continue to innovate our solution to provide superior benefits to our
customers. The process of developing or adapting our solution to new technologies is complex and uncertain, and our product development efforts may fail to successfully address our customers changing needs. We must commit significant resources
to developing new products and product enhancements before knowing whether our investments will result in products the market will accept. If we fail to implement or respond to a technology that gains widespread market acceptance, demand for our
solution may decline. Conversely, if we adopt a technology for which market demand fails to materialize, then we may incur significant development and marketing expense for which we fail to realize an adequate return. In addition, one or more new
technologies could be introduced that compete favorably with our products or that cause our solution to no longer be able to compete successfully.

The success of our products also depends in large part on our ability to successfully adapt our solution to emerging industry standards. The
servers, network, software and other components and systems within a datacenter must comply with industry standards in order to interoperate and function efficiently together. If larger companies that are more influential in driving industry
standards do not support the same standards we use, market acceptance of our solution could be adversely affected, or we may be required to spend significant time and resources duplicating efforts to adapt to different standards.

Our failure to successfully identify new product opportunities, develop and bring new products to market in a timely manner or respond to
changing industry standards would result in a lower revenue growth rate or

decreased revenue, either of which would negatively impact our business, operating results and financial condition.

If we fail to develop or introduce new or enhanced solutions on a timely basis, our ability to attract and retain customers could be impaired and our
competitive position could be adversely affected.

We operate in a dynamic environment characterized by rapidly changing
technologies and industry standards and technological obsolescence. We will need to continue to create valuable software and hardware solutions to be integrated with our enterprise cloud platform. To compete successfully, we must design, develop,
market and sell new or enhanced solutions that provide increasingly higher levels of performance, capacity, scalability, security and reliability and meet the cost expectations of our customers. Any failure to anticipate or develop new or enhanced
solutions or technologies in a timely manner in response to technological shifts could result in decreased revenue and harm to our business, operating results and financial condition. Any new feature or application that we develop or acquire may not
be introduced in a timely or cost-effective manner and may not achieve broad market acceptance. If we fail to introduce new or enhanced solutions that meet the needs of our customers or penetrate new markets in a timely fashion, we will lose market
share and our business, operating results and financial condition will be adversely affected.

Our solution must interoperate with third-party
hypervisors and operating systems, software applications and hardware, and if we fail to maintain the compatibility of our solution with such software and hardware, we may lose or fail to increase our market share and may experience reduced demand
for our solution.

Our solution must interoperate with our customers existing infrastructure, specifically their hypervisors,
networks, servers, and other software, which are provided by a wide variety of vendors. For example, our VMstore solutions support hypervisors marketed by Citrix, Microsoft, Open Stack, Red Hat and VMware. When new or updated versions of these
hypervisors or software applications are introduced, we must sometimes develop updated versions of our software so that our solution will interoperate properly. These efforts require capital investment and engineering resources and we may not be
able to deliver or maintain interoperability quickly, cost-effectively or at all. If we fail to maintain compatibility of our solution with these infrastructure components, our customers may not be able to fully utilize our solution, and we may,
among other consequences, lose or fail to increase our market share and experience reduced demand for our solution, which may harm our business, operating results and financial condition.

If we are not able to successfully increase sales of our solution to large organizations and CSPs, our operating results may suffer.

Our growth strategy is dependent in large part upon increasing sales of our solution to large organizations and CSPs. Sales to these customers
involve risks that may not be present (or that are present to a lesser extent) with sales to smaller customers. These risks include:



competition from companies that traditionally target larger organizations and CSPs and that may have pre-existing relationships or purchase commitments from such customers;



increased purchasing power and leverage held by large customers in negotiating contractual arrangements with us;



more stringent requirements in our support and maintenance contracts, including demand for faster support response times and penalties for any failure to meet support requirements; and



longer sales cycles and the associated risk that substantial time and resources may be spent on a potential customer that elects not to purchase our solution.

In addition, large organizations, including government entities, typically have longer implementation cycles, require greater solutions
functionality and scalability, require a broader range of services, demand that vendors

take on a larger share of risks, require acceptance provisions that can lead to a delay in revenue recognition and expect greater payment flexibility. If we fail to realize an expected sale from
a large customer in a particular quarter or at all, our business, operating results and financial condition could be adversely affected.

Our sales cycles can be long and unpredictable, and may require considerable time and expense, which may cause our operating results to fluctuate
significantly.

The timing of customer sales commitments and our recognition of revenue is difficult to predict because of the
length and unpredictability of our solutions sales cycles. A sales cycle is the period between initial contact with a prospective customer and any sale of our solution. Our sales cycles typically range from three to six months. Customers,
especially large enterprises, CSPs and government entities, often view the purchase of our solution as a significant and strategic decision and require considerable time to evaluate, test and qualify our solution prior to making a purchase decision
and placing an order. During our sales cycle, we expend significant time and money on sales and marketing activities, and sometimes make investments in evaluation equipment, all of which lower our operating margins, particularly if no sale occurs.

Even if a customer decides to purchase our solution, there are many factors that affect the timing of the customers purchase and
our recognition of revenue, including the strategic importance of a particular project to a customer, budgetary constraints and changes in their personnel. Even after a customer makes a purchase, there may be circumstances or terms relating to the
purchase that delay our ability to recognize revenue from that purchase. For all of these reasons, it is difficult to predict whether a sale will be completed, the particular period in which a sale will be
completed or the period in which revenue from a sale will be recognized. If our sales cycles lengthen, our revenue could be lower than expected, which would have an adverse effect on our business, operating results and
financial condition.

If we are unable to attract and retain qualified personnel, our business and operating results could suffer.

Our future success also depends on our ability to continue to attract, integrate and retain highly skilled personnel, especially skilled sales
and engineering employees. Competition for highly skilled personnel is frequently intense, especially in the San Francisco Bay Area where we are headquartered. We compete with many larger and better funded organizations both inside and outside of
the storage industry for skilled personnel, and we may be unable to compete with the compensation and other benefits that these organizations offer to attract candidates and retain existing personnel.

Volatility or declines in our stock price may also affect our ability to attract and retain key employees. Also, many of our employees have
become, or will soon become, vested in a substantial amount of equity awards which equates to a substantial amount of personal wealth. This may make it more difficult for us to retain and motivate these employees, and this wealth could affect their
decision about whether or not they continue to work for us.

We cannot assure you that we will be able to successfully attract or retain
qualified personnel. Any failure to successfully attract, integrate or retain qualified personnel to fulfill our current or future needs may negatively impact our growth and adversely affect our business, operating results and financial condition.

We derive substantially all of our revenue from a single family of products, and a decline in demand for our solution would cause our revenue to
grow more slowly or to decline.

Our enterprise cloud platform, which includes our proprietary Tintri OS and our stand-alone
software products, accounts for all of our revenue and will continue to comprise a significant portion of our revenue for the foreseeable future. As a result, any of the following events or developments could have a comparatively greater impact on
our business than they would if we offered a broader range of solutions:



the failure of our current solutions to achieve broad market acceptance;

any decline or fluctuation in demand for our current solutions, whether as a result of customer budgetary constraints, introduction of competing products or technologies or other factors; and



our inability to release enhanced versions of our current solutions, including any related software, on a timely basis.

If the market for enterprise cloud infrastructure solutions grows more slowly than anticipated, if demand for our solution declines,
or if we fail to deliver new solutions, new features, or new releases that meet customer demand, our business, operating results and financial condition will be adversely affected.

We recognize revenue from support agreements over the term of the relevant support period, and as a result downturns or upturns in sales are not
immediately reflected in full in our operating results.

Support and maintenance revenue was 20.2% and 22.2% of our revenue in
fiscal 2016 and fiscal 2017, respectively. We recognize support and maintenance revenue ratably over the term of the relevant support period, which ranges from one to five years. As a result, much of the support and maintenance revenue we report
each quarter is derived from support agreements that we sold in prior quarters. Consequently, a decline in new or renewed support agreements, or decreases in the relative pricing of new support agreements, in any one quarter will not be fully
reflected in revenue in that quarter but will negatively affect our revenue in future quarters. Accordingly, the effect of significant downturns in sales of support and maintenance is not reflected in full in our operating results until future
periods. In addition, because revenue from renewals must be recognized ratably over the applicable service period, it may be difficult for us to rapidly increase our support and maintenance revenue through additional sales in any period. The
percentage of our total revenue that we derive from support and maintenance agreements may vary over time if we change the relative pricing of our products or support agreements. Our revenue from support agreements as a percentage of total revenue
may decline as a result of changes in the relative pricing of our products and support. Changes in the mix of our product revenue and support and maintenance revenue may adversely affect our business, operating results and the trading price of our
common stock.

The sales prices of our products and services may decrease, which would reduce our gross profit and adversely impact our financial
condition.

The sales prices for our products or support and maintenance services may decline for a variety of reasons, including
competitive pricing pressures, a change in our mix of products and services and the introduction of competing products or services or promotional programs. Competition continues to increase in the markets in which we participate, and we expect
competition to further increase in the future, which may lead to increased pricing pressures. Larger competitors with more diverse product and service offerings may reduce the price of products or services that compete with ours or may bundle them
with other products and services. Our sales prices could also decline due to pricing pressure caused by several factors, including overcapacity in the worldwide supply of competitive storage solutions, increased manufacturing efficiencies and
implementation of new manufacturing processes. In addition, although we price our products and services predominantly in U.S. dollars, currency fluctuations in certain countries and regions may negatively impact actual prices that partners and
customers are willing to pay in those countries and regions. To the extent we introduce new solutions, we anticipate that the sales prices for our existing solutions will decrease. We cannot assure you that we will be successful in developing and
introducing new offerings with enhanced functionality on a timely basis, or that our new product and services offerings, if introduced, will enable us to maintain or improve our gross margins and achieve profitability.

Our ability to successfully market and sell our solution is dependent in part on the quality of our customer support, and any failure to offer
high-quality technical support could harm our business.

Once our solution is deployed within our customers datacenters,
customers depend on our support organization to resolve technical issues relating to our solution. Our ability to provide effective support is largely

dependent on our ability to attract, train and retain qualified personnel, as well as to engage with qualified support partners that provide a similar level of customer support. Furthermore, as
we continue to expand our international operations, our support organization will face additional challenges, including those associated with delivering support, training and documentation in languages other than English and provisioning and
staffing our international customer support field offices. In addition, our sales process is highly dependent on our solution and business reputation and on recommendations from our existing customers. Any failure to maintain, or a market perception
that we do not maintain, high-quality technical support, including installation, could harm our reputation and our ability to sell our solution to existing and prospective customers.

We are exposed to the credit risk of some of our channel partners, distributors and direct customers, which could result in losses and negatively impact
our operating results.

Some of our channel partners, distributors and direct customers have experienced financial difficulties in
the past. A channel partner, distributor or direct customer experiencing such difficulties will generally not purchase or sell as many of our systems as it may have done under normal circumstances and may cancel orders. Our typical payment terms are
30 days from invoice but payment terms may be longer in particular circumstances and markets. In addition, a channel partner, distributor or direct customer experiencing financial difficulties generally increases our exposure to uncollectible
receivables. Any concentration of our accounts receivable in one or a limited number of our channel partners, distributors and direct customers may increase our credit risk with respect to those channel partners, distributors and direct
customers. If any of our channel partners, distributors or direct customers that represent a significant portion of our revenue becomes insolvent or suffers deterioration in its financial or business condition and is unable to pay for our
solution, our business, operating results and financial condition could be adversely affected.

If we do not effectively expand and train our sales
force, we may be unable to increase our revenue and our business will be adversely affected.

Although we have a channel sales
model, our sales representatives typically engage in direct interaction with our prospective customers. Therefore, we continue to be substantially dependent on our sales force to obtain new customers and sell additional solutions to our existing
customers. As such, we have invested and will continue to invest substantially in our sales organization. Competition for sales personnel with the skills and technical knowledge that we require is intense and our ability to achieve significant
revenue growth will depend, in large part, on our success in recruiting, training and retaining sufficient numbers of sales personnel to support our growth.

As a result of our recent growth, a large percentage of our sales force is new to our company and therefore less effective than our more
seasoned sales personnel. New hires require significant training and may take significant time before they achieve full productivity; we estimate based on past experience that sales team members typically do not fully ramp and are not fully
productive during the first several quarters of employment with us. Our recent hires and planned hires may not become productive as quickly as we expect. Furthermore, hiring sales personnel in new countries requires additional set up and upfront
costs that we may not recover if the sales personnel fail to achieve full productivity. If we are unable to hire and train sufficient numbers of effective sales personnel, or the sales personnel are not successful in obtaining new customers or
increasing sales to our existing customer base, our business, operating results and financial condition will be adversely affected.

Seasonality may
cause fluctuations in our revenue and operating results.

In general, our sales are subject to seasonal trends. Our fourth fiscal
quarter, ending January 31, typically has the highest revenue of any of our fiscal quarters, and our first fiscal quarter, ending April 30, typically has the lowest revenue of any of our fiscal quarters. We believe that this seasonality
results from a number of factors, including the budgeting, procurement and deployment cycles of many of our customers. Our rapid historical

growth may have reduced the impact of seasonal or cyclical factors that might have influenced our business to date. To the extent our revenue growth slows, seasonal or cyclical variations in our
operations may become more pronounced and may affect our business, operating results and financial condition.

Sales to U.S. federal, state and
local governments are subject to numerous challenges and risks that may adversely impact our business.

Although sales to U.S.
federal, state and local government agencies accounted for less than 10% of our revenue in each of fiscal 2016 and fiscal 2017, we anticipate that our sales to government agencies may increase in the future. Sales to such government entities are
subject to a number of risks, including the following:



selling to government agencies can be extensively regulated, highly competitive and time consuming, often requiring significant upfront time and expense without any assurance that such efforts will generate a sale;



government certification requirements applicable to our solution may change and in doing so restrict our ability to sell into the U.S. federal government sector until we have attained the revised certification;



government demand and payment for our products and services may be impacted by public sector budgetary cycles, changes in administration and funding authorizations, with funding reductions or delays adversely affecting
public sector demand for our products and services;



government agencies may have statutory, contractual or other legal rights to terminate our sales contracts for convenience or due to a default, and any such termination may adversely impact our future operating results;



governments routinely investigate and audit government contractors administrative processes, and any unfavorable audit could result in the government refusing to continue buying our solution, which would adversely
impact our revenue and operating results, or result in fines, civil or criminal liability or repayment of any overcharges, if any such audit uncovers improper or illegal activities; and



government agencies may require certain products to be manufactured in the United States and other relatively high-cost manufacturing locations, which may require costly changes to our manufacturing practices or
otherwise adversely affect our ability to sell these products to such agencies.

If any of the above risks are realized, our
business, operating results and financial condition may be adversely affected.

Our solution is highly technical and may contain undetected defects,
which could cause data unavailability, loss or corruption that might, in turn, result in liability to our customers and harm to our reputation and business.

Our solution is highly technical and complex and are often used to store information critical to our customers business operations. Our
solution may contain undetected errors, defects or security vulnerabilities that could result in data unavailability, loss, corruption or other harm to our customers. Some errors in our solution may only be discovered after they have been installed
and used by customers. Our solution has experienced temporary outages after they have been deployed. Any outages, errors, defects or security vulnerabilities discovered in our solution after commercial release could result in a loss of revenue,
injury to our reputation, a loss of customers or increased service and warranty costs, any of which could adversely affect our business and operating results. In addition, errors or failures in the solutions of third-party technology vendors may be
attributed to us and may harm our reputation.

If our solution fails, we could face claims for product liability, tort or breach of
warranty. Although our customers are generally required to enter into our standard click wrap terms of service, which includes provisions relating to warranty disclaimers and liability limitations, these terms may be difficult to
enforce.

Defending a lawsuit, regardless of its merit, would be costly and might divert managements attention and adversely affect the markets perception of us and our solution. Our business
liability insurance coverage could prove inadequate with respect to a claim and future coverage may be unavailable on acceptable terms or at all. These product-related issues could result in claims against us, and negatively impact our business,
operating results and financial condition.

Our international operations expose us to additional risks, and failure to manage those risks could
adversely affect our business, operating results and cash flows.

Increasingly, we derive a significant portion of our revenue from
channel partners outside the United States. Revenue generated from customers outside of the United States was 29.9% and 30.0% of our total revenue for fiscal 2016 and fiscal 2017, respectively. We are continuing to adapt to and develop strategies to
address international markets but there is no guarantee that such efforts will be successful. As of January 31, 2017, 15% of our full-time employees were located outside of the United States. We expect that our international activities will
continue to grow over the foreseeable future as we continue to pursue opportunities in international markets, which will require significant management attention and financial resources. We are subject to risks associated with having significant
worldwide operations, including:



increased complexity and costs of managing international operations;



geopolitical and economic instability and military conflicts;



limited protection of our intellectual property and other assets;



compliance with local laws and regulations and unanticipated changes in local laws and regulations, including tax laws and regulations;



trade and foreign exchange restrictions and higher tariffs;



travel restrictions;



timing and availability of import and export licenses and other government approvals, permits and licenses, including export classification requirements;

As we continue to expand our business globally, our success will depend, in large part, on our
ability to anticipate and effectively manage these risks. These factors and other factors could harm our ability to gain future international revenue and, consequently, impact our business, operating results and financial condition.

We rely on a single contract manufacturer to manufacture our products, and any failure to forecast demand for our products or manage our relationship
with our contract manufacturer, or if that manufacturers business were to become impaired in the future, our ability to sell our products could be impacted.

We contract with an offshore subsidiary of Flex to manufacture all of our products. Our reliance on Flex reduces our control over the assembly
process, exposing us to risks, including reduced control over quality assurance, production costs and product supply. If we fail to manage our relationship with Flex effectively, or if Flex experiences delays, disruptions, capacity constraints or
quality control problems in their operations, our ability to ship products to our customers could be impaired and our competitive position and reputation could be adversely affected. In addition, any adverse change in Flexs financial or
business condition could disrupt our ability to supply quality products to our customers. If we are required to change our contract manufacturer or assume internal manufacturing operations, we may lose revenue, incur increased costs and damage our
customer relationships. In addition, qualifying a new contract manufacturer and commencing production can be an expensive and lengthy process. If we experience increased demand that Flex is unable to fulfill, or if Flex is unable to provide us with
adequate supplies of high-quality products for any other reason, we could experience a delay in our order fulfillment, and our business, operating results and financial condition would be adversely affected.

Our agreement with Flex is terminable at any time by us with 90 days notice or by Flex with 120 days notice and Flex has no
obligation to provide services transitioning our manufacturing processes to another manufacturer. Our agreement with Flex does not provide for any specific volume purchase commitments, though we are required to submit a nine month forecast for
orders (the first three months of which are binding) and orders are placed on a purchase order basis. Furthermore, because we contract with a subsidiary of Flex, we have limited recourse to assets held by other members of the Flex group of companies
in the event of manufacturing problems or other claims. If we are required to change to a new contract manufacturer, qualify an additional contract manufacturer or assume internal manufacturing operations for any reason, including financial problems
of our contract manufacturer, reduction of manufacturing output made available to us, or the termination of our contract, we may lose revenue, incur increased costs and damage our customer relationships.

We intend to introduce new products and product enhancements, which could require us to coordinate with Flex and component suppliers in order
to achieve volume production rapidly. We may need to increase our component purchases, contract manufacturing capacity and internal test and quality functions if we experience increased demand for our products. Our orders may represent a relatively
small percentage of the overall orders received by Flex from its customers. As a result, fulfilling our orders may not be considered a priority in the event Flex is constrained in its ability to fulfill all of its customer obligations in a timely
manner. If Flex is unable to provide us with adequate supplies of high-quality products, or if we are, or Flex is unable to obtain adequate quantities of components, it could cause a delay in our order fulfillment, in which case our business,
operating results and financial condition could be adversely affected.

We rely on a limited number of suppliers, and in some cases single-source
suppliers, and any disruption or termination of these supply arrangements could delay shipments of our products and could harm our relationships with current and prospective customers.

We rely on a limited number of suppliers, and in some cases single-source suppliers, for several key hardware components of our solution. These
components are generally purchased on a purchase order basis through Flex, and we generally do not have long-term supply contracts with our suppliers. For example, the chassis used in our hybrid-flash systems is obtained on a purchase order-basis
under an agreement with a single-source component supplier that has no fixed term. In addition, the chassis used in our all-flash systems is

obtained under an agreement with a single-source component supplier having an initial term through October 2017, at which point it will automatically renew for successive one-year periods unless
either party provides notice of non-renewal.

Our current purchase volumes may be too low for us to be considered a priority customer by
certain of our suppliers. Any of the sole-source and limited source suppliers we rely on could stop producing our components, cease operations or be acquired by, or enter into exclusive arrangements with, our competitors. Our reliance on key
suppliers exposes us to risks, including:



the inability to obtain an adequate supply of key components;



delays or disruptions of shipments of our products or their components;



price volatility for the components of our products;



failure of a supplier to meet our quality or production requirements;



failure of a supplier of key components to remain in business or adjust to market conditions; and



consolidation among suppliers, resulting in some suppliers exiting the industry or discontinuing the manufacture of components.

As a result of these risks, we cannot assure you that we will be able to obtain enough key components in the future or that the cost of these
components will not increase. We generally order our components on a build to order basis, and do not maintain any significant inventory of the components used in our products. The technology industry has experienced component shortages
and delivery delays in the past, and we may experience shortages or delays of critical components in the future as a result of strong demand in the industry or other factors. If our supply of components is disrupted or delayed, or if we need to
replace our existing suppliers, there can be no assurance that additional components will be available when required or on terms that are favorable to us, which could extend our lead times and increase the costs of our components. Switching
suppliers may require that we redesign our VMstore products to accommodate new components and to re-qualify our solution, which would be costly and time-consuming.

Any interruption in the supply of our components may adversely affect our ability to meet scheduled product deliveries to our customers and
could result in lost revenue or higher expenses, any of which would harm our business, operating results and financial condition.

Insufficient
supply and inventory of our products and their components may result in lost sales opportunities or delayed revenue, while excess inventory will harm our gross margins.

Our third-party manufacturer procures components and builds our products based on our forecasts, and we generally do not hold inventory for a
prolonged period of time. These forecasts are based on estimates of future demand for our products, which are in turn based on historical trends and analyses from our sales and marketing organizations, adjusted for overall market conditions. In
order to reduce manufacturing lead times and plan for adequate component supply, from time to time we may issue forecasts for components and products that are non-cancelable and non-returnable. Our inventory management systems and related supply
chain visibility tools may be inadequate to enable us to make accurate forecasts and effectively manage the supply of our products and components. We have, in the past, had to write off inventory in connection with transitions to new product models.
If we ultimately determine that we have excess supply, we may have to reduce our prices and write down or write off excess or obsolete inventory, which in turn could result in lower gross margins. Alternatively, insufficient supply levels may lead
to shortages that result in delayed revenue or loss of sales opportunities altogether as potential customers turn to competitors products that may be more readily available. If we are unable to effectively manage our supply and inventory, our
business, operating results and financial condition could be adversely affected.

Industry consolidation may lead to increased competition, which could harm our business.

Consolidation among IT infrastructure providers has been common. Some of our competitors have made acquisitions or entered into partnerships or
other strategic relationships to offer a more comprehensive solution than they had offered individually. For example, in February 2016, NetApp acquired SolidFire, a developer of all-flash storage systems, in September 2016, Dell acquired EMC,
in February 2017, HP Enterprise acquired SimpliVity, a developer of hyperconverged systems, and in April 2017, HP Enterprise acquired Nimble Storage, a storage solutions provider. We expect this trend to continue as companies attempt to strengthen
or maintain their market positions through strategic acquisitions.

Consolidation in our industry may result in stronger competitors that
may create more compelling offerings, offer greater pricing flexibility and be better able to compete as their customers sole-source vendors. Any of these developments would make it more difficult for us to compete effectively, including on
the basis of price, sales and marketing programs and breadth of technology offerings. In addition, companies with which we have strategic partnerships may acquire or form alliances with our competitors, causing them to reduce their business with us.
Continued industry consolidation may adversely affect customers and potential customers perceptions of the viability of less mature technology companies such as us and, consequently, their willingness to purchase from us. Any such
competitive forces resulting from consolidation in our industry could adversely impact our business, operating results and financial condition.

Our
research and development efforts may not produce successful solutions that result in significant revenue in the near future, if at all.

Developing new solutions and related enhancements is expensive and time consuming. Our investments in research and development may result in
solutions that do not achieve market adoption, are more expensive to develop than anticipated, take longer to generate revenue or generate less revenue than we anticipate. Our future plans include significant investments in research and development
for new solutions and related opportunities. We believe that we must continue to dedicate significant resources to our research and development efforts to maintain or expand our competitive position. However, these efforts may not result in
significant revenue in the near future, if at all, which could adversely affect our business, operating results and financial condition.

The
success of our business depends in part on our ability to protect and enforce our intellectual property rights.

Our success
depends to a significant degree on our ability to protect our core technology and intellectual property. We rely on a combination of patent, copyright, service mark, trademark and trade secret laws, as well as confidentiality procedures and
contractual restrictions, to establish and protect our technology, intellectual property and proprietary rights, all of which provide only limited protection. We cannot assure you that any patents or trademarks will be issued with respect to our
currently pending patent and trademark applications in a manner that gives us adequate defensive protection or competitive advantages, if at all, or that any patents or trademarks issued to us or our other intellectual property rights will not be
challenged, invalidated or circumvented. We have filed for patents and trademarks in the United States and in certain international jurisdictions, but such protections may not be available in all countries in which we operate or in which we seek to
enforce our intellectual property rights, or may be difficult to enforce in practice. Our currently issued patents and trademarks and any patents or trademarks that may be issued in the future with respect to pending or future applications may not
provide sufficiently broad protection or they may not prove to be enforceable in actions against alleged infringers. We cannot be certain that the steps we have taken will prevent unauthorized use or reverse engineering of our technology. Moreover,
others may independently develop technologies that are competitive to ours or infringe our intellectual property rights.

Protecting
against the unauthorized use of our intellectual property and technology, and infringement or misappropriation of our intellectual property rights is expensive and difficult, particularly internationally.

Litigation may be necessary in the future to enforce or defend our intellectual property rights or to determine the validity and scope of the intellectual property rights of others. Such
litigation could result in substantial costs and diversion of management resources, either of which could harm our business, operating results and financial condition. If we fail to protect our intellectual property rights adequately, our
competitors could offer similar solutions, potentially harming our business. Further, many of our current and potential competitors have the ability to dedicate substantially greater resources to defending intellectual property rights infringement
claims and to enforcing their intellectual property rights than we have. Attempts to enforce our rights against third parties could also provoke these third parties to assert their own intellectual property rights or other rights against us, or
result in a holding that invalidates or narrows the scope of our intellectual property rights, in whole or in part. If we are unable to adequately protect and enforce our intellectual property, technology and our intellectual property rights, the
value of our intellectual property, technology and intellectual property rights, and our business, operating results and financial condition could be adversely affected.

Third-party claims that we are infringing intellectual property rights, whether successful or not, could subject us to costly and time-consuming
litigation or expensive licenses, and our business could be adversely affected.

A number of companies, both within and outside of
the IT infrastructure industry, hold a large number of patents covering aspects of storage, servers and virtualization solutions. In addition to these patents, participants in this industry typically also protect their technology through copyrights
and trade secrets. As a result, there is frequent litigation based on allegations of infringement, misappropriation or other violations of intellectual property rights. We have in the past, and may in the future, receive inquiries from other
intellectual property rights holders seeking to profit from royalties in connection with grants of licenses and may in the future become subject to claims that we infringe their intellectual property rights, particularly as we expand our presence in
the market and face increasing competition. We have in the past and may in the future be required to enter into agreements with such intellectual property rights holders involving the payment of royalties or other fees, or granting a limited license
of our intellectual property rights, in order to resolve such inquiries and settle such claims. We cannot assure you that our business or products or services do not violate such rights of such third-party claimants. Regardless of the merit of any
such claim, responding to such claims can be time consuming, divert managements attention and resources and may cause us to incur significant expenses. In addition, parties may claim that the names and branding of our solution infringe their
trademark rights in certain countries or territories. If such a claim were to prevail we may have to change the names and branding of our solution in the affected territories and incur other costs.

We currently have a number of agreements in effect pursuant to which we have agreed to defend, indemnify and hold harmless our customers,
suppliers and channel and other partners from damages and costs which may arise from the infringement by our solution of third-party intellectual property rights, which may include patents, copyrights, trademarks or trade secrets. The scope of these
indemnity obligations varies, but may, in some instances, include indemnification for damages and expenses, including attorneys fees. Our insurance may not cover all intellectual property rights infringement claims. A claim that our solution
infringes a third partys intellectual property rights, even if untrue, could harm our relationships with our customers, may deter future customers from purchasing our solution and could expose us to costly litigation and settlement expenses.
Even if we are not a party to any litigation between a customer and a third party relating to infringement by our solution, an adverse outcome in any such litigation could make it more difficult for us to defend our solution against intellectual
property rights infringement claims in any subsequent litigation in which we are a named party. Any of these results could harm our brand and operating results.

Our defense of intellectual property rights claims brought against us or our customers, suppliers and channel partners, with or without merit,
could be time-consuming, expensive to litigate or settle, divert management resources and attention and force us to acquire or license intellectual property rights, which may involve substantial royalty or other payments. Further, a party making
such a claim, if successful, could secure a judgment that requires us to pay substantial damages. We cannot assure you that we would be successful in defending against any such claims. In addition, patent applications in the United States and most
other countries

are confidential for a period of time before being published, so we cannot be certain that we were the first to conceive the inventions covered by our patents or patent applications. An adverse
determination also could invalidate our intellectual property rights and prevent us from offering our solution to our customers and may require that we procure or develop substitute solutions that do not infringe, which could require significant
effort and expense. We may be unable to replace those technologies with technologies that have the same features or functionality and that are of equal quality and performance standards on commercially reasonable terms, or at all. We may have to
seek a license for the technology, which may not be available on acceptable terms or at all, and as a result may significantly increase our operating expenses or require us to restrict our business activities in one or more respects. Any of these
events could adversely affect our business, operating results and financial condition.

In the ordinary course of
business, we store sensitive data on our internal systems, networks and servers, which may include intellectual property, our proprietary business information and that of our customers, suppliers and business partners and sales data, which may
include personally identifiable information. In addition, we design and sell solutions that our customers use to store their data. The security of our own networks and the intrusion protection features of our solution are both critical to our
operations and business strategy.

We devote significant resources to network security, data encryption and other security measures to
protect our systems and data, but these security measures are subject to third-party security breaches, employee error, malfeasance, faulty password management or other irregularities and cannot provide absolute security. Any destructive or
intrusive breach of our internal systems could result in the information stored on our networks being accessed, publicly disclosed, lost or stolen. In addition, an effective attack on our solution could disrupt the proper functioning of our
solution, allow unauthorized access to sensitive, proprietary or confidential information of ours or our customers, disrupt or temporarily interrupt customers operations or cause other destructive outcomes, including the theft of information
sufficient to engage in fraudulent transactions. The risk that these types of events could seriously harm our business is likely to increase as we expand our network of channel partners, resellers and authorized service providers and as we operate
in more countries. The economic costs to us to eliminate or alleviate cyber or other security problems, viruses, worms, malicious software systems and security vulnerabilities could be significant and may be difficult to anticipate or measure
because the damage may differ based on the identity and motive of the programmer or hacker, which is often difficult to identify. If any of these types of security breaches, actual or perceived, were to occur and we were to be unable to protect
sensitive data, our relationships with our business partners and customers could be damaged, our reputation and brand could be harmed, use of our solution could decrease and we could be exposed to a risk of loss or litigation and possible liability.

If we are unable to successfully manage our use of open source software, our ability to sell our products and services could be harmed,
which could result in competitive disadvantages, and subject us to possible litigation.

We incorporate open source software in our
products and services. Use of open source software can lead to greater risks than the use of proprietary or third-party commercial software since open source licensors generally do not provide warranties or controls with respect to origin,
functionality or other features of the software. Some open source software licenses require users who distribute open source software as part of their solutions to publicly disclose all or part of the source code in their software and make any
derivative works of the open source software generally available in source code form for limited fees or at no cost. Although we monitor our use of open source software, open source license terms may be ambiguous, and many of the risks associated
with the use of open source software cannot be eliminated. If we were found to have inappropriately used open source

software in our solution, we may be required to release our proprietary source code, re-engineer our software, discontinue the sale of certain solutions in the event re-engineering cannot be
accomplished on a timely basis, or take other remedial action. Furthermore, if we fail to comply with applicable open source licenses, we may be subject to costly claims of intellectual property rights infringement or demands for the public release
of proprietary source code. Any of the foregoing could harm our business, operating results and financial condition.

We may become subject to
claims that our employees have wrongfully disclosed or that we have wrongfully used proprietary information of their former employers, which could adversely affect our business.

Many of our employees were previously employed at current or potential competitors. Although we require our employees to not use the
proprietary information or know-how of others in their work for us and we are not currently subject to any claims that they have done so, we have in the past received inquiries from former employers of our employees and we may in the future become
subject to claims that these employees have divulged, or we have used, proprietary information of these employees former employers. Litigation may be necessary to defend against these claims. If we are unable to successfully defend any such
claims, we may be required to pay monetary damages and to discontinue our commercialization of certain solutions. In addition, we may lose valuable intellectual property rights or personnel. A loss of key research personnel or their work product
could hamper our ability to develop new solutions and features for our existing solutions, which could severely harm our business. Even if we are successful in defending against these claims, litigation efforts are costly, time-consuming and a
significant distraction to management.

We are exposed to fluctuations in currency exchange rates, which could negatively affect our operating
results.

Our sales contracts are denominated in U.S. dollars. As a result, a strengthening of the U.S. dollar could increase the
real cost of our solution to our customers outside of the United States, which could adversely affect our international sales. In addition, an increasing portion of our operating expenses is incurred outside the United States, denominated in
foreign currencies and subject to fluctuations in foreign currency exchange rates. If we become more exposed to currency fluctuations and are not able to successfully hedge against the risks associated with currency fluctuations, our business,
operating results and financial condition could be adversely affected.

We rely on our key technical, sales and management personnel to grow our
business, and the loss of one or more key employees could harm our business.

Our success and future growth depends to a
significant degree on the skills and continued services of our key technical, sales and management personnel. In particular, we are highly dependent on the services of Ken Klein, our Chairman and Chief Executive Officer, and Kieran Harty, our
co-founder and Chief Technical Officer, who are critical to the development of our technology, future vision and strategic direction. We rely on our leadership team in the areas of operations, security, marketing, sales, support and general and
administrative functions, and on individual contributors on our research and development team. All of our employees are employed by us on an at-will basis, and we could experience difficulty in retaining members of our senior management team or
other key personnel. We do not have key person life insurance policies that cover any of our officers or other key employees. The loss of the services of any of our key employees could disrupt our operations, delay the development and
introduction of our solution and negatively impact our business, operating results and financial condition.

Our company culture has contributed to
our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity and teamwork fostered by our culture, and our business may be harmed.

We believe that a critical contributor to our success has been our company culture, which we believe fosters innovation, creativity, teamwork,
passion for customers and focus on execution, as well as facilitating critical

knowledge transfer and knowledge sharing. As we grow and change, we may find it difficult to maintain these important aspects of our company culture, which could limit our ability to innovate and
operate effectively. Any failure to preserve our culture could also negatively affect our ability to retain and recruit personnel, continue to perform at current levels or execute on our business strategy.

Our ability to hire and retain employees may be negatively impacted by changes in immigration laws, regulations and procedures.

Foreign nationals who are not U.S. citizens or permanent residents constitute an important part of our U.S. workforce, particularly in the
areas of engineering and product development. Our ability to hire and retain these workers and their ability to remain and work in the United States are impacted by laws and regulations, as well as by procedures and enforcement practices of various
government agencies. Changes in immigration laws, regulations or procedures, including those that may be enacted by the new U.S. presidential administration, may adversely affect our ability to hire or retain such workers, increase our operating
expenses and negatively impact our ability to deliver our products and services.

We may further expand through acquisitions of, or investments in,
other companies, each of which may divert our managements attention, resulting in additional dilution to our stockholders and consumption of resources that are necessary to sustain and grow our business.

While we have not consummated any acquisitions to date, we may evaluate and consider potential strategic transactions, including acquisitions
of, or investments in, complementary businesses, technologies, services, products and other assets in the future. We also may enter into relationships with other businesses in order to expand our solution, which could involve preferred or exclusive
licenses, additional channels of distribution or discount pricing or investments in other companies. Negotiating these transactions can be time-consuming, difficult and expensive, and our ability to close these transactions may be subject to
third-party approvals, such as government regulatory approvals, which are beyond our control. Consequently, we can make no assurance that these transactions, once undertaken and announced, will close.

These kinds of acquisitions or investments may result in unforeseen operating difficulties and expenditures. In particular, we may encounter
difficulties assimilating or integrating the businesses, technologies, products, personnel or operations of the acquired companies, particularly if the key personnel of the acquired business choose not to work for us. We may have difficulty
retaining the customers of any acquired business or the acquired technologies or research and development expectations may prove unsuccessful. Acquisitions may also disrupt our ongoing business, divert our resources and require significant
management attention that would otherwise be available for development of our business. Any acquisition or investment could expose us to unknown liabilities. Moreover, we cannot assure you that the anticipated benefits of any acquisition or
investment would be realized or that we would not be exposed to unknown liabilities. In connection with these types of transactions, we may issue additional equity securities that would dilute our stockholders, use cash that we may need in the
future to operate our business, incur debt on terms unfavorable to us or that we are unable to repay, incur large charges or substantial liabilities, encounter difficulties integrating diverse business cultures and become subject to adverse tax
consequences, substantial depreciation or deferred compensation charges. These challenges related to acquisitions or investments could adversely affect our business, operating results and financial condition.

Failure to comply with laws and regulations applicable to our business could subject us to fines and penalties and could also negatively impact our
ability to attract and retain customers.

Our business is subject to regulation by various federal, state, local and foreign
government agencies, including agencies responsible for monitoring and enforcing employment and labor laws, workplace safety, product safety, environmental laws, consumer protection laws, anti-bribery laws, import/export controls, federal securities
laws and tax laws and regulations. In certain jurisdictions, these regulatory requirements may be more

stringent than in the United States. Noncompliance with applicable regulations or requirements could subject us to investigations, sanctions, mandatory product recalls, enforcement actions,
disgorgement of profits, fines, damages and civil and criminal penalties or injunctions. If any government sanctions are imposed, or if we do not prevail in any possible civil or criminal litigation, our business, operating results and financial
condition could be adversely affected. In addition, responding to any action will likely result in a significant diversion of managements attention and resources and an increase in professional fees. Enforcement actions and sanctions could
harm our business, operating results and financial condition.

In addition, we must comply with laws and regulations relating to the
formation, administration and performance of contracts with the public sector, including U.S. federal, state and local government organizations, which affect how we and our channel partners do business with government agencies. Selling our solution
to the U.S. government, whether directly or through channel partners, also subjects us to certain regulatory and contractual requirements. Failure to comply with these requirements by either us or our channel partners could subject us to
investigations, fines and other penalties, which could have an adverse effect on our business, operating results and financial condition. As an example, the U.S. Department of Justice, or DOJ, and the General Services Administration, or GSA, have in
the past pursued claims against and financial settlements with IT vendors under the False Claims Act and other statutes related to pricing and discount practices and compliance with certain provisions of GSA contracts for sales to the federal
government. The DOJ and GSA continue to actively pursue such claims. Violations of certain regulatory and contractual requirements could also result in us being suspended or barred from future government contracting. Any of these outcomes could have
an adverse effect on our business, operating results and financial condition.

These laws and regulations impose added costs on our
business, and failure to comply with these or other applicable regulations and requirements, including non-compliance in the past, could lead to claims for damages from our channel partners, penalties, termination of contracts, loss of exclusive
rights in our intellectual property, and temporary suspension or permanent debarment from government contracting. Any such damages, penalties, disruptions or limitations in our ability to do business with certain customers could have an adverse
effect on our business, operating results and financial condition.

We are subject to government export and import controls that could impair our
ability to compete in international markets or subject us to liability if we violate the controls.

Our solution is subject to U.S.
export controls, including the Export Administration Regulations and economic sanctions administered by the Office of Foreign Assets Control, or OFAC, and we incorporate encryption technology into our solution. These encryption products and the
underlying technology may be exported outside of the United States only with the required export authorizations, including by license, a license exception or other appropriate government authorizations, including the filing of an encryption
registration.

Furthermore, our activities are subject to the U.S. economic sanctions laws and regulations that prohibit the export,
re-export and transfer of certain products and services without the required export authorizations, including to countries, governments and persons targeted by U.S. embargoes or sanctions. Obtaining the necessary export license or other
authorization for a particular sale may be time-consuming and may result in the delay or loss of sales opportunities even if the export license ultimately may be granted. While we take precautions to prevent our solution from being exported in
violation of these laws, including obtaining authorizations for our encryption products and screening exports against U.S. government and international lists of restricted and prohibited persons, we cannot guarantee that the precautions we take will
prevent violations of export control and sanctions laws. Violations of U.S. sanctions or export control laws can result in significant fines or penalties, denial of export privileges, and possible incarceration for responsible employees and managers
could be imposed for criminal violations of these laws.

We also note that if our channel partners fail to obtain appropriate import,
export or re-export licenses or permits, we may also be adversely affected, through reputational harm as well as other negative consequences,

including government investigations and penalties. No assurance can be given that our channel partners will comply with export requirements.

Also, various countries, in addition to the United States, regulate the import and export of certain encryption and other technology,
including through import and export licensing requirements, and have enacted laws that could limit our ability to distribute our solution or could limit our customers ability to implement our solution in those countries. Changes in our
solution or future changes in export and import regulations may create delays in the introduction of our solution in international markets, prevent our customers with international operations from deploying our solution globally or, in some cases,
prevent the export or import of our solution to certain countries, governments, or persons altogether. From time to time, various government agencies have proposed additional regulation of encryption technology. Any change in export or import
regulations, economic sanctions or related legislation, or change in the countries, governments, persons or technologies targeted by such regulations, could result in decreased use of our solution by, or in our decreased ability to export or sell
our solution to, existing or potential customers with international operations. Any decreased use of our solution or limitation on our ability to export or sell our solution would adversely affect our business, operating results and financial
condition.

We are subject to government regulation and other legal obligations related to privacy, data protection and information security, and
our actual or perceived failure to comply with such obligations could adversely affect our business and operating results. Compliance with such laws could also impair our efforts to maintain and expand our customer base and
thereby decrease our revenue.

The United States and other jurisdictions where we offer our solution have laws, regulations and
standards governing the protection of information privacy, data protection and information security. Our handling of data is subject to a variety of laws and regulations, including regulation by various government agencies, including the U.S.
Federal Trade Commission, or FTC, and various state, local and foreign bodies and agencies. In addition, agreements with our customers and business partners may contain contractual provisions related to the protection of information privacy,
data protection and information security.

The U.S. federal and various state and foreign governments have adopted or proposed limitations
on the collection, distribution, use and storage of personal information of individuals, including customers and employees. In the United States, the FTC and many state attorneys general are applying federal and state consumer protection laws to the
online collection, use and dissemination of data. In addition, many foreign countries and government bodies, including in Australia, the European Union, Japan and numerous other jurisdictions in which we operate or conduct our business, have laws
and regulations concerning the collection and use of personally identifiable information obtained from their residents or by businesses operating within their jurisdiction. These laws and regulations often are more restrictive than those in the
United States. Such laws and regulations may require companies to implement privacy and security policies, permit customers to access, correct and delete personal information stored or maintained by such companies, inform individuals of security
breaches that affect their personal information, and, in some cases, obtain individuals consent to use personally identifiable information for certain purposes. In addition, a foreign government could require that any personally identifiable
information collected in a country not be disseminated outside of that country, and we are not currently equipped to comply with such a requirement. We also may find it necessary or desirable to join industry or other self-regulatory bodies or other
information security- or data protection-related organizations that require compliance with their rules pertaining to information security and data protection. We also may be bound by additional, more stringent contractual obligations relating to
our collection, use and disclosure of personal, financial and other data.

We also expect that there will continue to be new proposed
laws, regulations and industry standards concerning privacy, data protection and information security in the United States, the European Union and other jurisdictions, and we cannot yet determine the impact such future laws, regulations and
standards may have on our business. In addition, we expect that existing laws, regulations and standards may be interpreted in new

manners in the future. For example, an October 2015 decision by the Court of Justice for the European Union invalidated the U.S.-EU Safe Harbor Framework, which facilitated personal data
transfers to the U.S. in compliance with applicable EU data protection laws. While we did not rely upon the U.S.-EU Safe Harbor Framework for our transfer of EU personal data to the United States, and do not
rely upon its replacement framework, the U.S.-EU Privacy Shield, there remains some regulatory uncertainty surrounding the future of data transfers from the European Union to the United States. In addition, European legislators have adopted a
general data protection regulation that will, when effective in May 2018, supersede current EU data protection legislation, impose more stringent EU data protection requirements and provide for greater penalties for noncompliance. Future laws,
regulations, standards and other obligations, and changes in the interpretation of existing laws, regulations, standards and other obligations could impair our or our customers ability to collect, use or disclose information relating to
individuals, which could decrease demand for our solution, require us to restrict our business operations, increase our costs and impair our ability to maintain and grow our customer base and increase our revenue.

Although we are working to comply with those federal, state and foreign laws and regulations, industry standards, contractual obligations and
other legal obligations that apply to us, those laws, regulations, standards and obligations are evolving and may be modified, interpreted and applied in an inconsistent manner from one jurisdiction to another, and may conflict with one another,
other requirements or legal obligations, our practices or the features of our solution. As such, we cannot assure ongoing compliance with all such laws or regulations, industry standards, contractual obligations and other legal obligations. Any
failure or perceived failure by us to comply with federal, state or foreign laws or regulations, industry standards, contractual obligations or other legal obligations, or any actual or suspected security incident, whether or not resulting in
unauthorized access to, or acquisition, release or transfer of personally identifiable information or other data, may result in government enforcement actions and prosecutions, private litigation, fines and penalties or adverse publicity and could
cause our customers to lose trust in us, which could have an adverse effect on our reputation and business. Any inability to adequately address privacy and security concerns, even if unfounded, or comply with applicable laws, regulations, policies,
industry standards, contractual obligations or other legal obligations could result in additional cost and liability to us, damage our reputation, inhibit sales, and adversely affect our business, operating results and financial condition.

Changes to laws or regulations affecting privacy could impose additional costs and liabilities on us and could limit our use of such
information to add value for customers. If we were required to change our business activities or revise or eliminate services, or to implement burdensome compliance measures, our business and operating results could be harmed. In addition,
we may be subject to fines, penalties, and potential litigation if we fail to comply with applicable privacy and/or data security laws, regulations, standards and other requirements. The costs of compliance with and other burdens imposed by
privacy-related laws, regulations and standards may limit the use and adoption of our product solutions and reduce overall demand.

Furthermore, concerns regarding data privacy may cause our customers customers to resist providing the data and information necessary to
allow our customers to use our product solutions effectively. Even the perception that the privacy and/or security of personal information is not satisfactorily protected or does not meet applicable legal, regulatory and other requirements could
inhibit sales of our products or services, and could limit adoption of our solution.

Failure to comply with anticorruption and anti-money
laundering laws, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, or the FCPA, and similar laws associated with our activities outside of the United States could subject us to penalties and other adverse consequences.

We are subject to the FCPA, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel Act, the USA
PATRIOT Act, the United Kingdom Bribery Act of 2010 and other anti-bribery and anti-money laundering laws in countries in which we conduct activities. We face significant risks if we fail to comply with the FCPA and other anticorruption laws that
prohibit companies and their employees and third-party

intermediaries from authorizing, offering or providing, directly or indirectly, improper payments or benefits to foreign government officials, political parties and private-sector recipients for
the purpose of obtaining or retaining business, directing business to any person or securing any advantage. In addition, we use various third parties to sell our solution and conduct our business abroad. We, our channel partners, and our other
third-party intermediaries may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities and we can be held liable for the corrupt or other illegal activities of these third-party
intermediaries, our employees, representatives, contractors, partners, and agents, even if we do not explicitly authorize such activities. We continue to implement our FCPA/anti-corruption compliance program and cannot assure you that all of our
employees and agents, as well as those companies to which we outsource certain of our business operations, will not take actions in violation of our policies and applicable law, for which we may be ultimately held responsible.

Any violation of the FCPA, other applicable anticorruption laws, and anti-money laundering laws could result in whistleblower complaints,
adverse media coverage, investigations, severe criminal or civil sanctions and, in the case of the FCPA, suspension or debarment from U.S. government contracts, which could have a material and adverse effect on our reputation, business, operating
results and financial condition. In addition, responding to any enforcement action may result in a significant diversion of managements attention and resources and significant defense costs and other professional fees.

We are a multinational organization faced with increasingly complex tax issues in many jurisdictions, and changes in our effective tax rate or changes
in tax laws or their application to the operation of our business could adversely impact our operating results and our business.

We conduct operations in multiple jurisdictions, and we are subject to certain taxes, including income, sales and use, value added and other
taxes, in the United States and other jurisdictions in which we do business. A change in the tax laws in the jurisdictions in which we do business, including an increase in tax rates or an adverse change in the treatment of an item of income or
expense, possibly with retroactive effect, could result in a material increase in the amount of taxes we incur. Recent changes to U.S. tax laws that limit the ability of taxpayers to claim and utilize foreign tax credits and require the deferral of
certain tax deductions until earnings outside of the United States are repatriated to the United States, as well as changes to U.S. tax laws that may be enacted in the future, could affect the tax treatment of our foreign earnings, as well as cash
and cash equivalent balances we currently maintain outside of the United States In addition, the Organization for Economic Co-operation and Development has initiated a base erosion and profit shifting project
which seeks to establish certain international standards for taxing the worldwide income of multinational companies. As a result of these developments, the tax laws of certain countries in which we and our affiliates do business could change on a
prospective or retroactive basis, and any such changes could increase our liabilities for taxes, interest and penalties, and therefore could harm our cash flows, operating results and financial position. Finally, the amount of taxes we pay in
different jurisdictions depends on our ability to operate our business in a manner consistent with our corporate structure and transfer pricing arrangements, as well as any future intercompany transactions we may undertake.

We are subject to periodic audits or other reviews by tax authorities in the jurisdictions in which we do business, and these tax authorities
may disagree with our interpretations of applicable tax law or our determinations as to the income and expenses attributable to specific jurisdictions or may challenge our methodologies for pricing intercompany transactions. In addition, authorities
in jurisdictions in which we do not file tax returns could assert that we are subject to tax in such jurisdiction. In either case, such authorities could impose additional taxes, interest and penalties, claim that various withholding requirements
apply to us or our subsidiaries or assert that benefits of tax treaties are not available to us or our subsidiaries. Any such audit, examination or review requires managements time, diverts internal resources and, in the event of an
unfavorable outcome, may result in additional tax liabilities or other adjustments to our historical results.

We do not collect sales and
use, value added or similar taxes in all jurisdictions in which we have sales. We have previously filed voluntary disclosure agreements with several U.S. states related to past due sales and use

taxes. While we believe that we have properly accrued for sales and use taxes in accordance with GAAP, taxing authorities may assert that we owe additional taxes, interest or penalties, which may
impact our historical and future results.

Because we conduct operations in multiple jurisdictions, our effective tax rate is influenced
by the amounts of income and expense attributed to each jurisdiction. If such amounts were to change so as to increase the amounts of our net income subject to taxation in higher-tax jurisdictions, or if we were to commence operations in
jurisdictions assessing relatively higher tax rates, our effective tax rate could be adversely affected. In addition, we may determine that it is advisable from time to time to repatriate earnings from subsidiaries under circumstances that could
give rise to imposition of potentially significant tax liabilities, including withholding taxes by the jurisdictions in which such amounts were earned, without our receiving the benefit of any offsetting tax credits, which could also adversely
impact our effective tax rate and operating results.

Our ability to use net operating losses to offset future taxable income may be subject to
certain limitations.

As of January 31, 2017, we had $257.9 million of federal and $121.9 million of state net
operating loss carryforwards available to reduce future taxable income. These net operating loss carryforwards begin to expire in 2028 for U.S. federal and state income tax purposes. U.S. federal and state income tax laws limit the amount of these
carryforwards we can utilize in any given year to offset our taxable income following an ownership change (generally defined as a greater than 50% cumulative shift of the stock ownership of certain stockholders over a rolling three-year period), including ownership changes due to the issuance of additional shares of our common stock, or securities convertible into our common stock. Some of our existing carryforwards may be subject to
limitations arising from previous ownership changes, and we may experience subsequent ownership changes (including in connection with this offering). Accordingly, there is a risk that our ability to use our existing carryforwards in the future could
be limited and that existing carryforwards would be unavailable to offset future income tax liabilities. Furthermore, our ability to utilize the net operating loss carryforwards of companies that we may acquire in the future may be subject to
limitations. Limitations imposed on our ability to utilize our net operating loss carryforwards could cause U.S. federal and state income taxes to be paid earlier than would be paid if such limitations were not in effect and could cause such net
operating loss carryforwards to expire unused, in each case reducing or eliminating the benefit of such net operating loss carryforwards. Furthermore, we may not be able to generate sufficient taxable income to utilize our net operating loss
carryforwards before they expire. Furthermore, our existing net operating loss carryforwards could be limited by legislative or regulatory changes, such as suspensions on the use of net operating carryforwards. If any of these events occur, we may
not derive some or all of the expected benefits from our net operating loss carryforwards, which could potentially result in increased future tax liability to us and could adversely affect our business, operating results and financial condition.

Our reported financial results may be adversely affected by changes in accounting principles applicable to us.

Generally accepted accounting principles in the United States are subject to interpretation by the Financial Accounting Standards Board, or
FASB, the Securities and Exchange Commission, or the SEC, and other bodies formed to promulgate and interpret appropriate accounting principles. A change in these principles or interpretations could have a significant effect on our reported
financial results, and could affect the reporting of transactions completed before the announcement of a change. In addition, the SEC has announced a multi-year plan that could ultimately lead to the use of International Financial Reporting
Standards by U.S. issuers in their SEC filings. Any such change could have a significant effect on our reported financial results. Additionally, the adoption of new or revised accounting principles may require that we make significant changes to our
systems, processes and controls.

We have incurred indebtedness, which could adversely affect our ability to adjust our business to respond
to competitive pressures and to obtain sufficient funds to satisfy our future research and development needs, to protect and enforce our intellectual property and to meet other needs.

We have entered into a $20.0 million revolving line of credit with SVB and a $60.0 million credit facility with TriplePoint Capital
LLC, or TriplePoint. These facilities are secured by substantially all of our assets and intellectual property rights. As of January 31, 2017, we had $14.0 million of principal indebtedness outstanding under the SVB line of credit and
$35.0 million under the TriplePoint credit facility. In February 2017, we borrowed an additional $5.0 million under the SVB line of credit and an additional $15.0 million under the TriplePoint credit facility. These facilities contain
various covenants and specify various events of default, including a cross default provision that provides that, if there is an event of default that has not been cured or waived within any applicable grace period under one lenders
debt facility, there is an event of default under the other lenders debt facility, upon which, at each lenders option, all amounts outstanding under each lenders applicable facility would become immediately due and payable and
further advances under the facility would not be available to us. Our revolving line of credit with SVB expires in May 2018. $35.0 million of borrowings under the TriplePoint credit facility will become due in August 2018. $15.0 million of
borrowings will become due in February 2019. In June 2017, we entered into an agreement in principle with TriplePoint to extend the maturity date of $35.0 million of borrowings from August 2018 to February 2019, at which point approximately $30.0
million of borrowings will amortize over the following 18 months, subject to certain conditions. Any required repayment of our existing indebtedness as a result of an event of default would reduce our cash on hand such that we would not have those
funds available for use in our business, which could have a material adverse effect on our business, operating results and financial condition.

Regulations related to conflict minerals may cause us to incur additional expenses and could limit the supply and increase the costs of certain metals
used in the manufacturing of our platforms.

As a public company, we will be subject to the requirements under the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010, or the Dodd-Frank Act, that will require us to investigate, disclose and report whether the hardware components that house our solution contain conflict minerals. The implementation of these
requirements could adversely affect the sourcing, availability and pricing of the materials used in the manufacture of components used in our solution. In addition, we will incur additional costs to comply with the disclosure requirements, including
costs related to conducting diligence procedures to determine the sources of conflict minerals that may be used in or necessary to the production of our hardware components and, if applicable, potential changes to components, processes or sources of
supply as a consequence of such verification activities. It is also possible that we may face reputational harm if we determine that certain of our hardware components contain minerals not determined to be conflict-free or if we are unable to alter
our solution, processes or sources of supply to avoid use of such materials.

If we fail to comply with environmental requirements, our business,
operating results and reputation could be adversely affected.

We are subject to various environmental laws and regulations
including laws governing the hazardous material content of our products and laws relating to the collection of and recycling of electrical and electronic equipment. Examples of these laws and regulations include the EU Restrictions of Hazardous
Substances Directive, or RoHS, and the EU Waste Electrical and Electronic Equipment Directive, or WEEE, as well as the implementing legislation of the EU member states. Similar laws and regulations have been passed or are pending in China, South
Korea, Norway and Japan and may be enacted in other regions, including in the United States, and we are, or may in the future be, subject to these laws and regulations.

The EU RoHS and the similar laws of other jurisdictions ban the use of certain hazardous materials such as lead, mercury and cadmium in the
manufacture of electrical equipment, including our products. Currently, the manufacturer of the hardware components that house our solution and our major component part suppliers

comply with the EU RoHS requirements. However, if there are changes to this or other laws (or their interpretation) or if new similar laws are passed in other jurisdictions, we may be required to
reengineer our products to use components compatible with these regulations. This reengineering and component substitution could result in additional costs to us or disrupt our operations or logistics.

The WEEE Directive requires electronic goods producers to be responsible for the collection, recycling and treatment of such products. Changes
in interpretation of the directive or with any similar laws adopted in other jurisdictions may cause us to incur additional costs or have additional regulatory requirements to meet in the future in order to comply.

Our failure to comply with past, present and future similar laws could result in reduced sales of our products, substantial product inventory
write-offs, reputational damage, penalties and other sanctions, any of which could harm our business and operating results. We also expect that our products will be affected by new environmental laws and regulations on an ongoing basis. To date, our
expenditures for environmental compliance have not had a material impact on our operating results or cash flows, and although we cannot predict the future impact of such laws or regulations, they will likely result in additional costs and may
increase penalties associated with violations or require us to change the content of our products or how they are manufactured, which could have an adverse effect on our business, operating results and financial condition.

Our business is subject to the risks of earthquakes, fire, power outages, floods, and other catastrophic events, and to interruption by man-made
problems such as terrorism.

A significant natural disaster, such as an earthquake, fire, flood or significant power outage, could
have a material adverse impact on our business and operating results. Our corporate headquarters and the location where our products are manufactured are located in a region known for seismic activity. In addition, natural disasters could affect our
supply chain, manufacturing vendors, or logistics providers ability to provide materials and perform services such as manufacturing products or assisting with shipments on a timely basis. In the event we or our service providers are hindered
by any of the events discussed above, shipments could be delayed, resulting in missed financial targets, such as revenue and shipment targets, for a particular quarter. In addition, acts of terrorism and other geo-political unrest could cause
disruptions in our business or the businesses of our supply chain, manufacturer, logistics providers, partners or customers, or the economy as a whole. Any disruption in the business of our supply chain, manufacturer, logistics providers, partners
or customers that impacts sales at the end of a fiscal quarter could have a significant adverse impact on our quarterly results. All of the aforementioned risks may be further increased if we do not implement a disaster recovery plan or our
suppliers disaster recovery plans prove to be inadequate. To the extent that any of the above should result in delays or cancellations of customer orders, or delays in the manufacture, deployment or shipment of our products, our business,
operating results and financial condition would be adversely affected.

Risks Related to Our Common Stock

An active trading market for our common stock may never develop or be sustained, which may make it difficult for you to sell your shares at an
attractive price, if at all.

There has been no public market for our common stock prior to this offering. The initial public
offering price for our common stock will be determined through negotiations between the underwriters and us and may vary from the market price of our common stock following this offering. If you purchase shares of our common stock in this offering,
you may not be able to resell those shares at or above the initial public offering price. An active or liquid market in our common stock may not develop upon the closing of this offering or, if it does develop, it may not be sustainable, which could
adversely affect your ability to sell your shares and could depress the market price of our common stock.

Our share price may be volatile, and you may be unable to sell your shares at or above the offering price.

The trading prices of the securities of technology companies, including enterprise cloud companies, have been highly volatile. The
market price of our common stock may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:



actual or anticipated fluctuations in our revenue and other operating results;

the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;



failure of securities analysts to initiate or maintain coverage of us, changes in ratings and financial estimates by any securities analysts who follow our company, or our failure to meet these estimates or the
expectations of investors;



changes in operating performance and stock market valuations of other technology or comparable companies, or those in our industry in particular;



price and volume fluctuations in the trading of our common stock and in the overall stock market, including as a result of trends in the economy as a whole;

other events or factors, including those resulting from war, incidents of terrorism or responses to these events.

Stock prices of many technology companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those
companies. In the past, stockholders have instituted securities class action litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs and divert resources and
the attention of management from our business and adversely affect our business, operating results and financial condition.

Sales of outstanding
shares of our common stock into the market in the future could cause the market price of our common stock to drop significantly.

The market price for our common stock could decline as a result of the sale of substantial amounts of our common stock, particularly sales by
our directors, executive officers and significant stockholders, a large number of shares of our common stock becoming available for sale or the perception in the market that holders of a large number of shares intend to sell their shares. Based on
shares outstanding as of January 31, 2017, upon completion of this offering, we will have outstanding approximately million shares of common stock, approximately
million of which are subject to the 180-day contractual lock-up more fully described in Underwriters. Morgan Stanley & Co. LLC, on behalf of the
underwriters, will have the discretion to permit our officers, directors, employees and stockholders to sell shares prior to the expiration of the lock-up agreements.

After this offering, holders of an aggregate of
shares of our common stock as of January 31, 2017, will have rights, subject to some conditions, to require us to file registration statements covering their shares or to
include their shares in registration statements that we may file for ourselves or our other stockholders. Substantially all of these shares are subject to the 180-day contractual lock-up referred to above.

In addition, the shares of common stock subject to outstanding options and RSUs under our equity incentive plans and the shares reserved for
future issuance under our equity incentive plans will become eligible for sale in the public market in the future, subject to certain legal and contractual limitations. See Shares Eligible for Future Sale for a more detailed description
of sales that may occur in the future.

If a substantial number of shares are sold, or if it is perceived that they will be sold, in the
public market, before or after the expiration of the 180-day contractual lock-up period, the trading price of our common stock could decline.

If
you purchase shares of our common stock in this offering, you will experience substantial and immediate dilution.

If you purchase
shares of our common stock in this offering, you will incur immediate dilution of $ per share, based on an assumed initial public offering price of
$ per share, the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and based on our pro forma as adjusted net tangible book value as of January 31,
2017, because the price that you pay will be substantially greater than the pro forma net tangible book value per share of the common stock that you acquire. This dilution is due in large part to the fact that our earlier investors paid
substantially less than the initial public offering price when they purchased their shares of our capital stock. You will experience additional dilution upon exercise of any warrant, upon exercise of options to purchase common stock under our equity
incentive plans, if we issue restricted stock to our employees under our equity incentive plans, upon the settlement of any vested RSUs or if we otherwise issue additional shares of our common stock at a price per share below the initial public
offering price per share. For a further description of the dilution that you will experience immediately after this offering, see Dilution.

If securities analysts do not publish research or reports about our business, or if they downgrade our common stock, the price of our common stock could
decline.

The trading market for our common stock depends in part on the research and reports that securities or industry analysts
publish about us or our business, our market and our competitors. If no or few securities or industry analysts cover our company, the trading price for our common stock would be negatively impacted. If one or more of the analysts who covers us
downgrades our common stock or publishes incorrect or unfavorable research about our business, our stock price would likely decline. If one or more of these analysts ceases coverage of our company or fails to publish reports on us regularly, demand
for our common stock could decrease, which could cause our stock price or trading volume to decline.

The concentration of ownership among our
existing directors, executive officers and principal stockholders will provide them, collectively, with substantial control over us after this offering, which could limit your ability to influence the outcome of key transactions, including a change
of control.

We anticipate that our executive officers, directors, current 5% or greater stockholders and affiliated entities will
together beneficially own approximately % of our common stock outstanding after this offering based on shares outstanding as of January 31, 2017. As a result, these stockholders, acting together, will have significant
influence over all matters that require approval by our stockholders, including the election of directors and approval of significant corporate transactions. Corporate action might be taken even if other stockholders, including those who purchase
shares in this offering, oppose them. This concentration of ownership might also have the effect of delaying or preventing a change of control of our company that other stockholders may view as beneficial.

We have broad discretion in the use of the net proceeds that we receive in this offering.

We expect to use the net proceeds from this offering for working capital and other general corporate purposes. In addition, we may use a
portion of the net proceeds to acquire or invest in complementary businesses or solutions or to obtain the right to use complementary technologies. We have not reserved or allocated specific amounts for these purposes, and we cannot specify with
certainty how we will use the net proceeds. Accordingly, management will have considerable discretion in the application of the net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds
are being used appropriately. The net proceeds may be used for corporate purposes that do not increase our operating results or market value. Until the net proceeds are used, they may be placed in investments that do not produce income or that lose
value.

Our future capital needs are uncertain, and we may need to raise additional funds in the future. In the event we require additional funds in
the future, those funds may not be available on acceptable terms, or at all.

Our business and operations may consume resources
faster than we anticipate. In the future, we may need to raise additional funds to invest in future growth opportunities. Additional financing may not be available on favorable terms, if at all. If adequate funds are not available on acceptable
terms, we may be unable to invest in future growth opportunities, which could seriously harm our business and operating results. Moreover, attempting to secure additional financing may divert our management from our day-to-day activities, which may
adversely affect our ability to develop new and enhanced solutions. Our existing and any future debt holders would have rights senior to common stockholders to make claims on our assets, and the terms of any debt could restrict our operations,
including our ability to pay dividends on our common stock. Furthermore, if we issue additional equity securities, stockholders will experience dilution, and the new equity securities could have rights senior to those of our common stock. Because
our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. As a result, our stockholders bear the
risk of any future securities offerings by us reducing the market price of our common stock and diluting their interest.

We are an emerging
growth company, and the reduced disclosure requirements applicable to emerging growth companies might make our common stock less attractive to investors, which would in turn decrease the value of our stock.

We are an emerging growth company, as defined in the JOBS Act, and we may take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the
Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, reduced financial disclosure obligations, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of
holding a nonbinding advisory vote on executive compensation and any golden parachute payments not previously approved. We may take advantage of these provisions for up to five years or such earlier time that we are no longer an emerging
growth company. We would cease to be an emerging growth company upon the earliest to occur of: the last day of the fiscal year in which we have more than $1.0 billion in annual revenue; the date we qualify as a large
accelerated filer, with at least $700 million of equity securities held by non-affiliates; the issuance, in any three-year period, by us of more than $1.0 billion in non-convertible debt securities; and the last day of the fiscal
year ending after the fifth anniversary of our initial public offering. We may choose to take advantage of some but not all of these reduced reporting burdens. If we take advantage of any of these reduced reporting burdens in future filings, the
information that we provide our security holders may be different than the information you might get from other public companies in which you hold equity interests. We cannot predict if investors will find our common stock less attractive because we
may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

In addition, Section 107 of the JOBS Act provides that an emerging growth
company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new or revised accounting standards. In other words, an
emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. However, we have chosen to opt out of such extended transition period, and as a
result, we will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. Section 107 of the JOBS Act provides that our decision to opt out of the
extended transition period for complying with new or revised accounting standards is irrevocable.

The requirements of being a public company will
subject us to increased costs and may strain our resources and divert managements attention.

As a public company, we will be
subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, and the rules and regulations of the NASDAQ Stock Market. The requirements of these rules and
regulations will increase our legal, accounting and financial compliance costs, will make some activities more difficult, time-consuming and costly and may also place undue strain on our personnel, systems and resources.

The Exchange Act requires, among other things, that we file annual, quarterly and current reports with respect to our business and operating
results. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. We are continuing the costly process of implementing and testing our systems
to report our results as a public company, to continue to manage our growth and to implement internal controls. We will be required to implement and maintain various other control and business systems related to our equity, finance, treasury,
information technology, other recordkeeping systems and other operations. As a result of this implementation and maintenance, managements attention may be diverted from other business concerns, which could adversely affect our business.
Furthermore, we rely on third-party software and system providers for ensuring our reporting obligations and effective internal controls, and to the extent these third parties fail to provide adequate service including as a result of any inability
to scale to handle our growth and the imposition of these increased reporting and internal controls and procedures, we could incur material costs for upgrading or switching systems and our business could be affected.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for
public companies, increasing legal and financial compliance costs and making some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity and, as a
result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to
disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of managements time and
attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their
application and practice, regulatory authorities may initiate legal proceedings against us and our business may be adversely affected.

In
addition, we expect these laws, rules and regulations to make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to incur substantial costs to maintain appropriate levels of
coverage. These factors could also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our audit committee, and qualified executive officers.

As a result of disclosure of information in this prospectus and in filings required of a public company, our business and financial condition
will become more visible, which we believe may result in threatened or actual

litigation, including by competitors and other third parties. If such claims are successful, our business and operating results could be adversely affected, and even if the claims do not result
in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the time and resources of our management and adversely affect our business, operating results and financial condition.

As a result of becoming a public company, we will be obligated to further develop and maintain proper and effective internal control over financial
reporting. We may not complete our analysis of our internal control over financial reporting in a timely manner, or these internal controls may not be determined to be effective, which may adversely affect investor confidence in our company and, as
a result, the value of our common stock.

We will be required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a
report by management on, among other things, the effectiveness of our internal control over financial reporting commencing with our annual report covering the fiscal year ending January 31, 2019. This assessment will need to include disclosure
of any material weaknesses identified by our management in our internal control over financial reporting. Prior to this offering, we have never been required to test our internal controls within a specified period, and, as a result, we may
experience difficulty in meeting these reporting requirements in a timely manner. In addition, as a result of our testing of internal controls, we may identify control deficiencies which could result in a material weakness or significant deficiency.
For example, in connection with the audit of our financial statements for fiscal 2017, we identified a significant deficiency with respect to our control processes in relation to the approval of non-standard contract terms. In addition, in
connection with the audit of our financial statements for fiscal 2016, we identified a significant deficiency related to accounting for the cash flow impact of transferring certain evaluation units from customer evaluation inventory to sales
demonstration equipment. Our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act until the
later of the year following our first annual report required to be filed with the SEC or the date we are no longer an emerging growth company as defined in the JOBS Act. If we are unable to comply with the requirements of
Section 404 of the Sarbanes-Oxley Act in a timely manner, the market price of our stock could decline and we could be subject to sanctions or investigations by the stock exchange on which our common stock is listed, the SEC or other regulatory
authorities, which would require additional financial and management resources.

Any failure to develop or maintain effective controls, or
any difficulties encountered in their implementation or improvement, could harm our operating results or cause us to fail to meet our reporting obligations. Any failure to implement and maintain effective internal controls also could adversely
affect the results of periodic management evaluations regarding the effectiveness of our internal control over financial reporting. Ineffective disclosure controls and procedures or internal control over financial reporting could also cause
investors to lose confidence in our reported financial and other information, which would likely have a negative effect on the trading price of our common stock.

Implementing any appropriate changes to our internal controls may require specific compliance training of our directors, officers and
employees, entail substantial costs in order to modify our existing accounting systems, and take a significant period of time to complete. Such changes may not, however, be effective in maintaining the adequacy of our internal controls, and any
failure to maintain that adequacy, or consequent inability to produce accurate financial statements on a timely basis, could increase our operating costs and could impair our ability to operate our business. In the event that we are not able to
demonstrate compliance with Section 404 of the Sarbanes-Oxley Act in a timely manner, that our internal controls are perceived as inadequate or that we are unable to produce timely or accurate financial statements, investors may lose confidence
in our operating results and our stock price could decline.

We do not intend to pay dividends following the completion of this offering.

We have never declared or paid any cash dividends on our common stock and do not currently intend to do so for the foreseeable
future. In addition, our loan and security agreements with SVB and TriplePoint prohibit us

from paying dividends, and future financing or credit agreements that we enter into may contain similar restrictions. We currently intend to invest our future earnings, if any, to fund our
growth. Therefore, you are not likely to receive any dividends on your common stock for the foreseeable future and the success of an investment in shares of our common stock will depend upon any future appreciation in its value. Consequently,
investors may need to sell all or part of their holdings of our common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investment. There is no guarantee that shares of our common stock will
appreciate in value or even maintain the price at which our stockholders have purchased their shares. Investors seeking cash dividends should not purchase our common stock.

Anti-takeover provisions in our certificate of incorporation and bylaws as well as provisions of Delaware law might discourage, delay or prevent a
change of control of our company or changes in our management and, therefore, depress the trading price of our common stock.

Our
amended and restated certificate of incorporation, amended and restated bylaws and Delaware law contain provisions that may have the effect of delaying or preventing a change in control of us or changes in our management. Our amended and restated
certificate of incorporation and amended and restated bylaws, which will become effective immediately prior to the completion of this offering, include provisions that:

authorize blank check preferred stock, which could be issued by our board of directors without stockholder approval and may contain voting, liquidation, dividend, and other rights superior to our common
stock;



specify that special meetings of our stockholders can be called only by our board of directors, the chairperson of the board, the chief executive officer or the president and that limit the ability of our stockholders
to act by written consent;



establish an advance notice procedure for stockholder approvals to be brought before an annual meeting of our stockholders, including proposed nominations of persons for election to our board of directors;

provide that vacancies on our board of directors may be filled only by a majority of directors then in office, even though less than a quorum, or by a sole remaining director;



do not provide for cumulative voting for members of our board of directors;



authorize our board of directors to modify, alter or repeal our amended and restated bylaws; and



require supermajority votes of the holders of our common stock to amend specified provisions of our charter documents.

These provisions, alone or together, could delay or prevent hostile takeovers and changes in control or changes in our management.

In addition, because we are incorporated in Delaware, we are governed by the provisions of Section 203 of the Delaware General
Corporation Law, which limits the ability of stockholders owning in excess of 15% of our outstanding voting stock to merge or combine with us in certain circumstances.

Any provision of our amended and restated certificate of incorporation or amended and restated bylaws or Delaware law that has the effect of
delaying or deterring a change in control could limit the opportunity for our stockholders to receive a premium for their shares of our common stock, and could also affect the price that some investors are willing to pay for our common stock.

Our amended and restated bylaws provide that the Court of Chancery of the State of Delaware and the federal
district courts of the United States of America will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders ability to obtain a favorable judicial forum for disputes with us
or our directors, officers, or employees.

Our amended and restated bylaws, which will become effective immediately prior to the
completion of this offering, provides that the Court of Chancery of the State of Delaware is the exclusive forum for:



any derivative action or proceeding brought on our behalf;



any action asserting a breach of fiduciary duty;



any action asserting a claim against us arising under the Delaware General Corporation Law, our amended and restated certificate of incorporation, or our amended and restated bylaws;



any action to interpret, apply, enforce or determine the validity of our amended and restated certificate of incorporation or our amended and restated bylaws; and



any action asserting a claim against us that is governed by the internal-affairs doctrine.

Our amended and restated bylaws further provides that the federal district courts of the United States of America will be the exclusive forum
for resolving any complaint asserting a cause of action arising under the Securities Act.

These exclusive-forum provisions may limit a
stockholders ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, which may discourage lawsuits against us and our directors, officers, and other employees.
If a court were to find either exclusive-forum provision in our amended and restated bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving the dispute in other jurisdictions, which could
seriously harm our business.

This prospectus, including the sections Prospectus Summary, Risk Factors, Use of Proceeds,
Managements Discussion and Analysis of Financial Condition and Results of Operations and Business, contains forward-looking statements. The words believe, may, will,
potentially, estimate, continue, anticipate, intend, could, would, project, plan, expect and similar expressions that convey
uncertainty of future events or outcomes are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the following:



our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses including changes in research and development, sales and marketing
and general and administrative expenses, and our ability to achieve, and maintain, future profitability;

We caution you that the foregoing list may not contain all of the forward-looking statements made
in this prospectus.

We discuss many of these risks in this prospectus in greater detail in Risk Factors. Also, these
forward-looking statements represent our estimates and assumptions only as of the date of this prospectus. Unless required by federal securities laws, we do not intend to update any of these forward-looking statements to reflect circumstances or
events that occur after the statements are made. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration
statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

In addition, statements that we believe and similar statements reflect our beliefs and opinions on the relevant subject.
These statements are based upon information available to us as of the date of this prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements
should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these
statements.

Unless otherwise indicated, information contained in this prospectus concerning our industry and the markets in which we operate, including
our general expectations and market position, market opportunity, and market size, is based on information from various sources, including International Data Corporation, or IDC, on assumptions that we have made that are based on those
data and other similar sources and on our knowledge of the markets for our solution and services. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While we believe
the market position, market opportunity and market size information included in this prospectus is generally reliable, such information is inherently imprecise. In addition, projections, assumptions and estimates of our future performance and the
future performance of the industry in which we operate is necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in Risk Factors and elsewhere in this prospectus. These and
other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

The IDC Reports described herein represent data, research opinion or viewpoints published as part of a syndicated subscription service,
by IDC, and are not representations of fact. The IDC Reports speak as of their original publication dates (and not as of the date of this prospectus) and the opinions expressed in the IDC Reports are subject to change without notice.
The IDC Reports consist of:



IDC Survey Spotlight: Based on the Worldwide CloudView Survey, How Will IT Budgets Change Over Time?, January 2016.

We estimate that the net proceeds we receive from this offering will be approximately $
million based upon the assumed initial public offering price of $ per share, the midpoint of the estimated offering price range set forth on the cover page of this prospectus, and after deducting
estimated underwriting discounts and commissions. If the underwriters exercise their option to purchase additional shares in full, our estimated net proceeds will be approximately $ million after
deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each $1.00 increase or decrease
in the assumed initial public offering price of $ per share, the midpoint of the offering price range set forth on the cover page of this prospectus, would increase or decrease, as applicable, the net
proceeds that we receive from this offering by approximately $ million, assuming the number of shares offered by us as set forth on the cover page of this prospectus remains the same and after
deducting estimated underwriting discounts and commissions. Similarly, each increase or decrease of 1.0 million in the number of shares of our common stock offered by us would increase or decrease, as applicable, the net proceeds that we
receive from this offering by approximately $ million, assuming the assumed initial public offering price remains the same and after deducting estimated underwriting discounts and commissions.

We intend to use the net proceeds from this offering for general corporate purposes, including working capital, sales and marketing
activities, engineering initiatives, including enhancement of our solution and investment in technology and development, general and administrative expenses and capital expenditures. We also may use a portion of the net proceeds from this offering
to acquire or invest in businesses, products, services or technologies that complement our business, as well as to advance various of the strategic initiatives described in BusinessOur Strategy, although we have no present
commitments to complete any such transactions. Furthermore, we may use a portion of the net proceeds from this offering to repay outstanding indebtedness, including indebtedness under our loan and security agreements with SVB and TriplePoint.

DIVIDEND POLICY

We have never declared or paid cash dividends on our common stock. We currently intend to retain all available funds and any future earnings
for use in the operation of our business and do not anticipate paying any dividends on our common stock in the foreseeable future. Any future determination to declare dividends will be made at the discretion of our board of directors and will depend
on our financial condition, operating results, capital requirements, general business conditions and other factors that our board of directors may deem relevant. In addition, our ability to pay dividends on our capital stock is subject to
restrictions under the terms of our loan and security agreements with SVB and TriplePoint. See Managements Discussion and Analysis of Financial Condition and Results of Operations for additional information regarding our financial
condition.

The following table sets forth our cash and cash equivalents and capitalization as of January 31, 2017 on:



an actual basis;



a pro forma basis, giving effect to the following events, which will occur immediately prior to the completion of this offering: (i) the automatic conversion of all outstanding shares of our convertible preferred
stock into an aggregate of 107,958,277 shares of common stock and the effectiveness of our amended and restated certificate of incorporation; and (ii) the conversion of all warrants to purchase shares of convertible preferred stock into
warrants to purchase an aggregate of 724,500 shares of common stock, as if such conversions had occurred immediately prior to the offering, and the resulting reclassification of the convertible preferred stock warrant liability to additional paid-in
capital; and



a pro forma as adjusted basis, giving effect to the pro forma adjustments and the sale of shares of common stock by us
in this offering, based on an assumed initial public offering price of $ per share, the midpoint of the price range reflected on the cover page of this prospectus, after deducting the estimated
underwriting discounts and commissions.

The pro forma as adjusted information set forth in the table below is illustrative
only and will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing.

You
should read this table together with Managements Discussion and Analysis of Financial Condition and Results of Operations and our audited and unaudited consolidated financial statements and related notes included elsewhere in this
prospectus.

Each $1.00 increase (decrease) in the assumed initial public offering price of $ per share, the midpoint of the offering price range set forth on the cover page of this
prospectus, would increase (decrease) our pro forma as adjusted cash and cash equivalents, additional paid-in capital, total stockholders equity (deficit), and total capitalization by approximately
$ million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and
commissions. Similarly, each increase or decrease of 1.0 million in the number of shares of common stock offered by us would increase or decrease, as applicable, cash and cash equivalents, additional paid-in capital, total stockholders
equity (deficit), and total capitalization by approximately $ million, assuming the assumed initial public offering price remains the same and after deducting estimated underwriting discounts and
commissions.

The number of shares of our common stock to be outstanding after this offering is based on
133,854,232 shares of our common stock outstanding as of January 31, 2017, and excludes:



22,679,673 shares of common stock issuable upon the exercise of options outstanding as of January 31, 2017, with a weighted-average exercise price of $2.07 per share;



6,497,026 shares of common stock issuable upon the exercise of options granted after January 31, 2017 with a weighted-average exercise price of $2.28 per share;



874,500 shares of common stock issuable upon the exercise of warrants outstanding as of January 31, 2017, with a weighted-average exercise price of $2.22 per share;



510,900 and 10,000,000 shares of common stock issuable upon the exercise of warrants issued after January 31, 2017 with an exercise price of $2.45 per share and $2.74 per share, respectively;



1,716,600 shares of common stock issuable upon the vesting of RSUs outstanding as of January 31, 2017;



8,963,572 shares of common stock issuable upon the vesting of RSUs granted or approved after January 31, 2017;



shares of common stock reserved for future issuance under our stock-based compensation plans, consisting of
(i) 6,389,882 shares of common stock reserved for future issuance under our 2008 Stock Plan, (ii) shares of common stock reserved for future
issuance under our 2017 Equity Incentive Plan, which will become effective one business day prior to the effectiveness of the registration statement of which this prospectus is made a part, and
(iii) shares of common stock reserved for future issuance under our 2017 Employee Stock Purchase Plan, which will become effective on the day of its
adoption by our board of directors. In addition, the shares of common stock that are available under our 2017 Equity Incentive Plan and 2017 Employee Stock Purchase Plan may be increased pursuant to provisions thereof that automatically
increase the share reserves under the plans each year, as more fully described in Executive CompensationEmployee Benefit and Stock Plans.

If you invest in our common stock, your interest will be diluted to the extent of the difference between the amount per share paid by
purchasers of shares of common stock in this offering and the pro forma as adjusted net tangible book value per share of common stock immediately after the completion of this offering. Net tangible book value dilution per share to new investors
represents the difference between the amount per share paid by purchasers of shares of common stock in this offering and the pro forma net tangible book value per share of common stock immediately after the completion of this offering.

As of January 31, 2017, our pro forma net tangible book value was approximately
$ million, or $ per share of common stock. Our pro forma net tangible book value per share represents the amount of our total tangible assets
reduced by the amount of our total liabilities and divided by the total number of shares of our common stock outstanding as of January 31, 2017, after giving effect to the pro forma adjustments referenced under Capitalization, which
will occur immediately prior to the completion of this offering.

After giving effect to our sale in this offering of shares of our common
stock at an assumed initial public offering price of $ per share, the midpoint of the estimated offering price range reflected on the cover page of this prospectus, and after deducting estimated
underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of January 31, 2017 would have been approximately
$ million, or $ per share of our common stock. This represents an immediate increase in pro forma as adjusted net tangible book value of
$ per share to our existing stockholders and an immediate dilution of $ per share to investors purchasing shares in this offering.

The following table illustrates this per share dilution in net tangible book value to new investors after giving effect to this offering:

Assumed initial public offering price per share

$

Pro forma net tangible book value per share as of January 31, 2017

$

Increase in pro forma net tangible book value per share attributable to new investors

Pro forma as adjusted net tangible book value per share immediately after this offering

Dilution per share to new investors in this offering

$

A $1.00 increase (decrease) in the assumed initial public offering price of
$ per share, the midpoint of the estimated offering price range set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value by
$ million, the pro forma as adjusted net tangible book value per share after this offering by $ , and the dilution per share to new investors by
$ , assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions.

The following table summarizes, on a pro forma as adjusted basis as of January 31, 2017 after giving effect to: (i) the automatic
conversion of all outstanding shares of our convertible preferred stock into an aggregate of 107,958,277 shares of common stock and the effectiveness of our amended and restated certificate of incorporation (each of which will occur immediately
prior to the completion of this offering); (ii) the conversion of all warrants to purchase shares of convertible preferred stock into warrants to purchase an aggregate of 874,500 shares of common stock, as if such conversions had occurred
immediately prior to the completion of this offering, and the resulting reclassification of the convertible preferred stock warrant liability to additional paid-in capital; and (iii) the completion of this offering at the initial public
offering price of $ per share, the midpoint of the estimated offering range set forth on the cover page of this prospectus, the difference between

existing stockholders and new investors with respect to the number of shares of common stock purchased from us, the total consideration paid to us and the average price per share paid, before
deducting underwriting discounts and commissions and estimated offering expenses payable by us:

Shares Purchased

Total Consideration

AveragePricePer Share

Number

Percent

Amount

Percent

(in thousands, except percentages and per share data)

Existing stockholders

%

$

%

$

New public investors

Total

100.0

%

$

100.0

%

To the extent that the outstanding warrants are exercised, any of our outstanding options are exercised or any
outstanding RSUs are settled, investors will experience further dilution.

Except as otherwise indicated, the above discussion and tables
assumes no exercise by the underwriters of their option to purchase additional shares. If the underwriters exercise their option to purchase additional shares in full, our existing stockholders would own % and our new
investors would own % of the total number of shares of our common stock outstanding upon the completion of this offering.

The number of shares of our common stock to be outstanding after this offering is based on 133,854,232 shares of our common stock
outstanding as of January 31, 2017, and excludes:



22,679,673 shares of common stock issuable upon the exercise of options outstanding as of January 31, 2017, with a weighted-average exercise price of $2.07 per share;



6,497,026 shares of common stock issuable upon the exercise of options granted after January 31, 2017 with a weighted-average exercise price of $2.28 per share;



874,500 shares of common stock issuable upon the exercise of warrants outstanding as of January 31, 2017, with a weighted-average exercise price of $2.22 per share;



510,900 and 10,000,000 shares of common stock issuable upon the exercise of warrants issued after January 31, 2017 with an exercise price of $2.45 per share and $2.74 per share, respectively;



1,716,600 shares of common stock issuable upon the vesting of RSUs outstanding as of January 31, 2017;



8,963,572 shares of common stock issuable upon the vesting of RSUs granted or approved after January 31, 2017;



shares of common stock reserved for future issuance under our stock-based compensation plans, consisting of
(i) 6,389,882 shares of common stock reserved for future issuance under our 2008 Stock Plan, which shares will be added to the shares to be reserved under our 2017 Equity Incentive Plan, which will become effective one business day prior
to the effectiveness of the registration statement of which this prospectus is made a part, (ii) shares of common stock reserved for future issuance
under our 2017 Equity Incentive Plan, and (iii) shares of common stock reserved for future issuance under our 2017 Employee Stock Purchase
Plan, which will become effective on the day of its adoption by our board of directors. In addition, the shares of common stock that are available under our 2017 Equity Incentive Plan and 2017 Employee Stock Purchase Plan may be increased
pursuant to provisions thereof that automatically increase the share reserves under the plans each year, as more fully described in Executive CompensationEmployee Benefit and Stock Plans.

The following selected consolidated financial and other data should be read together with our consolidated financial statements and
accompanying notes and Managements Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this prospectus. The selected consolidated financial and other data in this section is not intended
to replace our consolidated financial statements and the related notes. We derived the selected consolidated statements of operations data for fiscal 2015, 2016 and 2017 and the consolidated balance sheet data as of January 31, 2016 and 2017 from
our audited consolidated financial statements included elsewhere in this prospectus. Our historical results presented below are not necessarily indicative of financial results to be achieved in future periods.

Fiscal Year EndedJanuary 31,

2015

2016

2017

(in thousands, except share andper share data)

Consolidated Statement of Operations Data:

Revenue:

Product

$

41,420

$

68,652

$

97,330

Support and maintenance

8,379

17,360

27,775

Total revenue

49,799

86,012

125,105

Cost of revenue:

Product(1)

17,144

25,138

34,738

Support and maintenance(1)

4,565

7,110

9,437

Total cost of revenue

21,709

32,248

44,175

Gross profit:

Product

24,276

43,514

62,592

Support and maintenance

3,814

10,250

18,338

Total gross profit

28,090

53,764

80,930

Operating expenses:

Research and development(1)

28,155

43,179

53,445

Sales and marketing(1)

55,060

87,993

108,903

General and administrative(1)

13,941

18,773

19,364

Total operating expenses

97,156

149,945

181,712

Loss from operations

(69,066

)

(96,181

)

(100,782

)

Other expense, net:

Interest expense

(279

)

(4,407

)

(5,231

)

Other income (expense), net

(119

)

254

677

Total other expense, net

(398

)

(4,153

)

(4,554

)

Loss before provision for income taxes

(69,464

)

(100,334

)

(105,336

)

Provision for income taxes

222

634

465

Net loss

$

(69,686

)

$

(100,968

)

$

(105,801

)

Net loss per share attributable to common stockholders, basic and diluted(2)

$

(4.22

)

$

(5.36

)

$

(5.12

)

Weighted-average shares used to compute net loss per share attributable to common stockholders,
basic and diluted(2)

16,502,481

18,845,680

20,655,296

Pro forma net loss per share attributable to common stockholders, basic and dilutedunaudited(2)

$

(0.82

)

Pro forma weighted-average shares used in computing pro forma net loss per share attributable to
common stockholders, basic and dilutedunaudited(2)

See Note 12 to our audited consolidated financial statements that are included elsewhere in this prospectus for an explanation of the calculations of our basic and diluted net loss per share attributable to common
stockholders, and unaudited pro forma net loss per share attributable to common stockholders calculations.

You should read the following discussion and analysis of our financial condition and operating results together with the consolidated
financial statements and related notes that are included elsewhere in this prospectus. The last day of our fiscal year is January 31. Our fiscal quarters end on April 30, July 31, October 31 and January 31. Fiscal 2018, our
current fiscal year, ends on January 31, 2018. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these
forward-looking statements as a result of various factors, including those set forth under Risk Factors and elsewhere in this prospectus.

Overview

Our mission is to provide large
organizations and cloud service providers with an enterprise cloud platform that offers public cloud capabilities inside their own data centers and that can also connect to public cloud services.

Our highly-differentiated and extensible enterprise cloud platform combines cloud management, web services software and a range of all-flash
storage systems. Organizations use our platform as a foundation for their own private cloudsto build agile development environments, run mission-critical enterprise applications and connect with public cloud services. We enable users to
guarantee the performance of their organizations applications, automate common IT tasks to reduce operating expenses, troubleshoot across compute, storage and network, predict their organizations needs to scale, and provide needed
elasticity on demand. Our enterprise cloud platform enables organizations to easily scale to support tens of thousands of virtual machines on a single system across multiple hypervisors and containers and to connect to public cloud environments.

Our solution helps our customers optimize infrastructure by significantly simplifying deployment and operations, which can lead to
substantial reductions in capital expenditures and operating expenses. We sell many of our software products separately from our core enterprise cloud solution, enabling our customers to tailor their enterprise cloud infrastructure to their specific
needs. Our platform addresses a large variety of use cases, including development operations, disaster recovery and data protection, server virtualization and desktop virtualization. Following our first product launch in March 2011, we continue to
be a leader in providing enterprise cloud solutions for virtualized and cloud environments.

We have experienced rapid revenue growth resulting from the sales of our products and related
support and maintenance offerings. Our product revenue is derived from sales of our enterprise cloud platform products, which consists of our VMstore systems, and stand-alone software licenses, and is generally recognized upon shipment. When
customers purchase our products, they also purchase support. While purchasing support is not mandatory, substantially all products shipped have been purchased together with a support contract, which includes software patches, bug fixes, updates,
upgrades, hardware repair and replacement parts, and technical support. Support and maintenance revenue is recognized over the term of the support contracts. We believe that, to date, substantially all of our customers have either renewed their
support and maintenance subscriptions or have purchased new support and maintenance subscriptions together with replacement products. The average length of our support and maintenance contracts is approximately two years.

We sell our products predominantly through the joint sales efforts of our global sales force and channel partners. Our channel partners are
further supported by our distributors, who work together on a non-exclusive basis to market our products, identify and close sales opportunities and provide pre-sales and post-sales services to our customers. Our joint sales approach with our
channel partners provides us with expanded and efficient reach. Our channel partners typically place orders with us upon receiving an order from a customer and do not stock inventory. Our typical fulfillment time on an order is approximately three
days, and consequently we do not have a meaningful backlog at any point in time. We intend to continue to expand our partner relationships to further extend our distribution coverage and to invest in education, training and programs to increase the
ability of our channel partners to sell our products independently.

Since our first product launch in March 2011, our customer base has
grown to 1,273 customers as of January 31, 2017. Our customers span a diverse set of industry verticals, such as education, financial services and insurance, healthcare, manufacturing and automotive and technology, and include seven of the top
15 Fortune 100 companies and 21 of the Fortune 100 companies as of January 31, 2017. We focus on selling to large organizations and CSPs. No customer represented more than 5% of revenue, and no distributor represented more than 10% of our
revenue, in each case for fiscal 2017.

We continue to invest in growing our business. Our headcount increased from 177 as of
January 31, 2014 to 527 as of January 31, 2017. We intend to continue to invest in our research and development organization in order to extend our technology leadership, enhance the functionality of our existing VMstores and
introduce new products. We also plan to continue to invest and expand our sales and marketing functions and channel programs, including expanding our global network of channel partners and carrying out associated marketing activities in key
geographies. In addition, we intend to further expand our international operations. Revenue generated from customers outside of the United States was 30.0% of our total revenue for fiscal 2017, with all our sales contracts denominated in U.S.
dollars. As we continue to invest in growth, we expect to continue to incur operating losses and negative cash flows from operations for at least the near future.

We have experienced significant revenue growth, with revenue increasing from $49.8 million in fiscal 2015 to $86.0 million in fiscal 2016
and to $125.1 million in fiscal 2017, representing year-over-year growth of 73% and 45%, respectively, for our two most recent fiscal years. Our net loss was $69.7 million, $101.0 million, and $105.8 million in fiscal 2015, 2016, and 2017
respectively. We have funded our activities primarily through debt and equity financings. As of January 31, 2017, we had an accumulated deficit of approximately $338.7 million.

Our Business Model

We focus on acquiring
large organizations and CSPs as customers and maximizing the lifetime value of a customer through a land-and-expand strategy. Our solution is designed to integrate easily into a customers existing infrastructure, which facilitates easier and
faster adoption. Once our products have been deployed in a given environment, we are generally able to expand our footprint quickly through sales of additional systems and stand-alone software products. We typically provide our prospective customers
with a VMstore for test and evaluation purposes. We have experienced strong success rates converting these prospective customers into customers after they receive a trial VMstore.

We believe our business model supports a financial model that is characterized by the following
attributes:



Strong Revenue Growth. Our revenue has grown from $49.8 million in fiscal 2015 to $86.0 million in fiscal 2016 and to $125.1 million in fiscal 2017, representing year-over-year growth of 73% and 45%,
respectively, for our two most recent fiscal years. We believe our strong revenue growth has resulted primarily from:



Market Adoption of Our Solution. We have invested considerable resources in promoting market awareness of our solution and we believe these efforts have contributed to the adoption of our solution by large
organizations and CSPs.



New Stand-Alone Software Additions. We continue to expand our product suite, and our stand-alone software product portfolio in particular has experienced rapid adoption by customers. Our stand-alone
software product attach rate, which is stand-alone software license revenue as a percentage of product revenue, increased from 7.7% in fiscal 2015 to 9.9% in fiscal 2016 to 14.7% in fiscal 2017.



Increased Sales Coverage and Effectiveness. Our sales teams have become more productive. Our ramped teams, which we define as sales teams who have been in their role for more than 180 days, have increased
from 34 as of January 31, 2015 to 52 as of January 31, 2016 to 54 as of January 31, 2017. Our average productivity per ramped team, which we define as bookings per ramped team, increased from $633,000 as of January 31, 2015 to $694,000 as of January
31, 2016 to $839,000 as of January 31, 2017, representing year-over-year increase in productivity of 10% and 21% in our two most recent fiscal years. We define bookings as non-cancellable orders received during the fiscal period. 37% of our ramped
teams achieved bookings over $875,000 in the quarter ended January 31, 2017. As our sales coverage and effectiveness has increased, our global customer base has grown rapidly from 573 as of January 31, 2015 to 928 as of January 31, 2016
and to 1,273 as of January 31, 2017, representing year-over-year growth of 62% and 38% for our two most recent fiscal years.



Increased Transaction Value. As our customer base has grown, we have also experienced an increase in high value transactions. The number of orders valued at greater than $1 million increased from three in
fiscal 2015 to five in fiscal 2016 to 13 in fiscal 2017. Our average order size has grown from $111,000 for the year ended January 31, 2015 to $160,000 for the year ended January 31, 2017.



Expansion Among Existing Customers. Many of our customers purchase from us on a quarterly basis and increase their spend with us over time. For example, our top 25 customers (as measured by their
cumulative orders through January 31, 2017) that have been customers for at least twelve months have on average cumulatively ordered more than 19x the amount they ordered from us in their first quarter as a customer. For all customers that have
been customers for twelve months or more, this metric is 3x. These metrics are inclusive of amounts contracted for support and maintenance revenue and cumulative order metrics are inclusive of amounts ordered in the applicable customers first
quarter as customers.



Gross Margin Expansion. Our gross margin has expanded to 65% in fiscal 2017. We believe this expansion is due to the following factors:



Component Cost Reduction. The cost of hardware components, such as flash memory and solid-state drives, has generally decreased over time.



Greater Scale. As we grow, we achieve greater economies of scale. Our revenue growth has exceeded the growth of our fixed and variable costs of revenue. As we continue to grow, we expect to continue to
achieve greater economies of scale. We expect this trend to be particularly applicable to the gross margin for our support and maintenance business where revenue volume is driven by new customers and renewals of existing customers, accompanied by
generally slower-growing fixed costs and minimal variable costs of revenue.

are often used by investors and other parties in understanding and evaluating companies in our industry as a measure of financial performance; and



are used by management to prepare and approve our annual budget and to develop short-term and long-term operational and compensation plans, as well as to assess the extent of achievement of goals.

Deferred Revenue

Our deferred revenue consists of amounts that have been invoiced but that have not yet been recognized as revenue as of the period end. The
majority of our deferred revenue balance consists of support and maintenance revenue that is recognized ratably over the contractual service period. These service periods range from one to five years and, as of January 31, 2017, averaged
approximately two years.

Free Cash Flow as a Percentage of Total Revenue

Free cash flow as a percentage of total revenue is a non-GAAP financial measure we calculate by dividing free cash flow by total revenue. We
define free cash flow, a non-GAAP financial measure, as cash used in

operating activities less purchase of property and equipment. We have included free cash flow as a percentage of total revenue in this prospectus because it is a key measure used by our
management and board of directors to understand and evaluate our free cash flow in relation to our revenue growth. In addition, we consider free cash flow to be a liquidity measure that provides useful information to management and investors about
the amount of cash generated by the business that, after the purchases of property and equipment, can be used for investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of the utility of free cash
flow as a measure of our financial performance and liquidity is that it does not represent the total increase or decrease in our cash balance for the period. In addition, other companies, including companies in our industry, may not use free cash
flow, may calculate free cash flow in a different manner than we do, or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure. A reconciliation of free
cash flow to cash flow used in operating activities, the most directly comparable financial measure calculated and presented in accordance with GAAP, is provided below:

Fiscal Year EndedJanuary 31,

2015

2016

2017

(in thousands, except percentages)

Cash flow used in operating activities

$

(51,098

)

$

(62,109

)

$

(70,366

)

Less: purchase of property and equipment

(8,668

)

(10,914

)

(4,337

)

Free cash flow

$

(59,766

)

$

(73,023

)

$

(74,703

)

Total revenue

$

49,799

$

86,012

$

125,105

Free cash flow as a percentage of total revenue

(120

)%

(85

)%

(60

)%

Net cash provided by (used in) investing activities

$

(26,437

)

$

(56,409

)

$

58,334

Net cash provided by (used in) financing activities

$

(958

)

$

161,597

$

9,425

Total Customers

We define a customer as an end-user that has purchased one or more of our products either from one of our channel partners or from us directly.
In situations where there are purchases by multiple subsidiaries or divisions, universities or governmental organizations affiliated with a single entity, each separate buying unit within an enterprise is counted as representing a separate customer.
We do not include our channel partners or distributors in our definition of a customer.

Components of Our Operating Results

Revenue

Product Revenue. We generate product revenue from sales of enterprise cloud platform products, which consists of our VMstore
systems, and stand-alone software licenses. Provided that all other revenue recognition criteria have been met, we typically recognize revenue for VMstores and perpetual software licenses upon shipment, as title and risk of loss are transferred
to our channel partners or customers at that time, and revenue from time-based licenses ratably over their term. Sales of our VMstore systems represented over half of our revenue for fiscal 2017. Revenue from stand-alone software licenses represents
an increasingly significant part of our business. Our product revenue may vary from period to period based on, among other things, the timing, size and mix of orders and the impact of significant transactions.

Support and Maintenance Revenue. We generate our support and maintenance revenue from support contracts related to our product
sales as well as renewals of support contracts, and, to a small extent, from installation services and training. Substantially all of our product sales include support contracts. The length of these contracts ranges from one to five years, and as of
January 31, 2017, averaged approximately two years. We recognize revenue from support contracts over the contractual service period. We also recognize revenue related to installation services and training upon delivery or completion of
performance, although this revenue has been,

and is expected to remain, insignificant. Over time, our revenue from support agreements as a percentage of total revenue may decline as a result of changes in the relative pricing of our
products and support. For additional information, please see Critical Accounting Policies and EstimatesRevenue Recognition.

Cost of Support and Maintenance Revenue. Cost of support and maintenance
revenue primarily includes personnel costs associated with our global customer support organization, overhead costs, operation and administration of our third-party service inventory depots, which are physical warehouse locations that hold service
inventory in support of our customer support agreements, and costs to fulfill our service inventory obligations. We expect our cost of support and maintenance revenue to increase on an absolute basis as our installed customer base grows.

Gross Margin

Gross margin is gross profit as a percentage of revenue, and gross profit is revenue less cost of revenue. Gross margin has been and will
continue to be affected by a variety of factors, including the average sales price of our products, manufacturing and inventory-related costs, the mix of products sold and the mix of revenue between products and support and maintenance. Our gross
margins may fluctuate over time depending on the factors described above. At the beginning of fiscal 2016, we substantially ceased our customer evaluation inventory program and initiated our sales demonstration equipment program. As a result,
inventory charges related to customer evaluation inventory, such as write-downs due to excess and obsolete inventory and standard cost changes, began to decrease in fiscal 2016, which has had and may continue to have a positive impact on our gross
margin.

Operating Expenses

Research and Development. Research and development expense consists primarily of personnel costs, as well as other direct and
overhead costs. We have devoted our product development efforts primarily to enhancing the functionality and expanding the capabilities of our products. To date, we have expensed all research and development costs as incurred. We expect our research
and development expense to continue to increase on an absolute basis as we continue to invest heavily in our research and product development efforts to expand the capabilities of our products and introduce new products and features. We expect our
research and development expense to decline as a percentage of revenue over time as our revenue grows.

Sales and Marketing.
Sales and marketing expense consists primarily of personnel costs. Sales and marketing expense also includes sales commission costs, costs for promotional activities and other marketing costs, travel costs and overhead costs. We expense sales
commission costs as incurred. We expect our sales and marketing expense to continue to increase on an absolute basis as we continue to expand our sales and marketing efforts worldwide and expand our relationships with current and future channel
partners and customers. We expect our sales and marketing expenses to decline as a percentage of revenue over time as our revenue grows. At the beginning of fiscal 2016, we substantially ceased our customer evaluation inventory program and initiated
our sales demonstration equipment program. As a result, we have incurred and expect to continue to incur additional sales and marketing expense related to depreciation of equipment used in this program.

General and Administrative. General and administrative expense consists primarily of personnel costs. The general and
administrative function includes our executive, finance, human resources, IT, facilities and legal

organizations. General and administrative expense also includes outside professional services, which consists primarily of accounting, legal, IT, other consulting costs and overhead costs. We
expect our general and administrative expense to continue to increase on an absolute basis to support our growing infrastructure needs and as we assume the reporting requirements and compliance obligations associated with being a public company. We
expect our general and administrative expense to decline as a percentage of revenue over time as our revenue grows.

Other Expense,
Net

Other expense, net consists of interest expense and other income (expense), net.

Interest expense is associated with interest on our debt obligations, as well as amortization of deferred credit facility fees, debt issuance
costs and debt discounts in relation to our credit facility and loan obligation. Other income (expense), net consists primarily of loss on extinguishment of debt, realized gain (loss) on our investment securities, gain (loss) on revaluation of
convertible preferred stock warrants and interest income from our cash and cash equivalents.

Provision for Income Taxes

Provision for income taxes consists primarily of income taxes in certain foreign jurisdictions in which we conduct business, and
state income taxes in the United States. We provide a full valuation allowance for U.S. deferred tax assets, which resulted from net operating loss, carryforwards and tax credits related primarily to research and development. We expect to maintain
this full valuation allowance for the foreseeable future as it is more likely than not that the assets will not be realized based on our history of losses.

The following tables summarize our consolidated results of operations for the periods presented and as a percentage of our total revenue for
those periods. The period-to-period comparison of results is not necessarily indicative of results for future periods.

Product revenue increased by $28.6 million, or 42%, from $68.7 million in fiscal 2016
to $97.3 million in fiscal 2017. The increase in product revenue was primarily driven by higher volume of sales of our products. Our customer count grew from 928 as of January 31, 2016 to 1,273 as of January 31, 2017. We sold 23%
more VMstores during fiscal 2016 as compared to fiscal 2017. Our stand-alone software license revenue increased by $7.5 million, or 110%, from $6.8 million in fiscal 2016 to $14.3 million in fiscal 2017.

Support and maintenance revenue increased by $10.4 million, or 60%, from $17.4 million in fiscal 2016 to $27.8 million in
fiscal 2017. The increase in support and maintenance revenue was driven primarily by an increase in support contracts sold with increased product sales, as well as continuing recognition of deferred support revenue related to product sales made in
prior periods.

Cost of Revenue and Gross Margin

Fiscal Year EndedJanuary 31,

Change

2016

2017

$

%

(in thousands, except percentages)

Cost of revenue:

Product

$

25,138

$

34,738

$

9,600

38

%

Support and maintenance

7,110

9,437

2,327

33

%

Total cost of revenue

$

32,248

$

44,175

$

11,927

37

%

Gross margin

63

%

65

%

Gross margin, product

63

%

64

%

Gross margin, support and maintenance

59

%

66

%

Total cost of revenue increased by $12.0 million, or 37%, from $32.2 million in fiscal 2016 to
$44.2 million in fiscal 2017.

Cost of product revenue increased by $9.6 million, or 38%, from $25.1 million in fiscal 2016
to $34.7 million in fiscal 2017. Approximately $8.7 million of the increase in cost of product revenue was driven by higher unit volumes. The increase in cost of product revenue was also partially driven by $0.9 million higher costs
in our operations organization, primarily related to a $0.7 million increase in personnel costs driven by an 18% average headcount increase.

Cost of support and maintenance revenue increased by $2.3 million, or 33%, from $7.1 million in fiscal 2016 to $9.4 million in fiscal 2017.
The increase in cost of support and maintenance revenue was primarily driven by higher costs in our global customer support organization related to an increase of $1.6 million in personnel costs due to a 22% increase in our average headcount in
fiscal 2017 as compared to our average headcount in fiscal 2016, a $0.2 million increase to overhead costs and costs to administer and operate our third-party service inventory depots, and a $0.3 million increase in other costs in support of our
customer support agreements. These increases were a result of the increase in our customer base.

Research and development expense increased by $10.3 million, or 24%, from $43.2 million in fiscal
2016 to $53.5 million in fiscal 2017. The increase in research and development expense was driven primarily by higher personnel costs of $7.9 million due to a 15% increase in our average headcount for the comparable periods as we hired
additional personnel to continue to develop new and enhanced product offerings, and a $1.0 million increase in overhead costs. In addition, prototype expense increased by $1.2 million as we continued to expand our research and development
efforts.

Sales and Marketing

Fiscal Year EndedJanuary 31,

Change

2016

2017

$

%

(in thousands, except percentages)

Sales and marketing

$

87,993

$

108,903

$

20,910

24

%

Sales and marketing expense increased by $20.9 million, or 24%, from $88.0 million in fiscal 2016 to
$108.9 million in fiscal 2017. The increase in sales and marketing expense was primarily driven by higher personnel costs of $8.5 million due to a 16% average headcount increase. Sales commission and travel expenses increased by
$4.8 million due to increased sales, expanded sales and marketing activities, and overhead costs increased by $3.0 million. In addition, as part of our efforts to penetrate and expand in global markets, the cost of our marketing
activities, including field events, advertising, tradeshows, brand awareness, demand generation and other expenses, collectively accounted for $3.7 million of the increase.

General and Administrative

Fiscal Year EndedJanuary 31,

Change

2016

2017

$

%

(in thousands, except percentages)

General and administrative

$

18,773

$

19,364

$

591

3

%

General and administrative expense increased by $0.6 million, or 3%, from $18.8 million in fiscal
2016 to $19.4 million in fiscal 2017. The increase in general and administrative expense was primarily due to a $1.8 million increase in personnel costs, driven by a 14% increase in average headcount to support our growing operations and a
$0.4 million increase in outside professional services. The increase was offset by a $1.6 million decrease in allocated overhead costs.

Interest expense increased by $0.8 million, from $4.4 million in fiscal 2016 to
$5.2 million in fiscal 2017. The increase in interest expense was primarily due to increased borrowings under our credit facilities during fiscal 2017 as compared to fiscal 2016, partially offset by a decrease in amortization of deferred credit
facility fees, debt issuance cost and debt discounts in relation to our loan obligations. Other income (expense), net increased by $0.4 million, from $0.3 million in income in fiscal 2016 to $0.7 million in income in fiscal 2017. The
change in other income (expense), net was primarily due to an increase of $0.3 million in investment income together with a $0.1 million gain as a result of favorable changes in foreign exchange rates.

Provision for Income Taxes

Fiscal Year EndedJanuary 31,

Change

2016

2017

$

%

(in thousands, except percentages)

Provision for income taxes

$

634

$

465

$

(169

)

(27

)%

Provision for income taxes decreased by $0.1 million, or 27%, from $0.6 million in fiscal 2016 to
$0.5 million in fiscal 2017. The decrease in provision for income taxes was primarily due to higher tax deductions driven by increased stock option exercises in one of our subsidiaries, in addition to lower corporate tax rates for certain of
our subsidiaries.

Comparison of the Fiscal Years Ended January 31, 2015 and 2016

Revenue

Fiscal Year EndedJanuary 31,

Change

2015

2016

$

%

(in thousands, except percentages)

Revenue:

Product

$

41,420

$

68,652

$

27,232

66

%

Support and maintenance

8,379

17,360

8,981

107

%

Total revenue

$

49,799

$

86,012

$

36,213

73

%

Total revenue increased by $36.2 million, or 73%, from $49.8 million in fiscal 2015 to
$86.0 million in fiscal 2016.

Product revenue increased by $27.2 million, or 66%, from $41.4 million in fiscal 2015 to
$68.7 million in fiscal 2016. The increase in product revenue was primarily driven by higher volume of sales of our products. Our number of customers grew from 573 as of January 31, 2015 to 928 as of January 31, 2016. We sold 42%
more VMstores during fiscal 2016 as compared to fiscal 2015. Our stand-alone software license revenue increased by $3.6 million, or 114%, from $3.2 million in fiscal 2015 to $6.8 million in fiscal 2016.

Support and maintenance revenue increased by $9.0 million, or 107%, from $8.4 million in fiscal 2015 to $17.4 million in fiscal
2016. The increase in support and maintenance revenue was driven primarily by an increase in support contracts sold with increased product sales, as well as continuing recognition of deferred support revenue related to product sales made in prior
periods.

Total cost of revenue increased by $10.5 million, or 49%, from $21.7 million in fiscal 2015 to
$32.2 million in fiscal 2016.

Cost of product revenue increased by $8.0 million, or 47%, from $17.1 million in fiscal 2015
to $25.1 million in fiscal 2016. Approximately $6.2 million of the increase in cost of product revenue was driven by higher unit volumes. The increase in cost of product revenue was also partially driven by $1.4 million higher costs
in our operations organization, primarily related to a $1.0 million increase in personnel costs driven by a 33% headcount increase, as well as increases to overhead costs and other inventory charges and increases related to standard cost
changes. At the beginning of fiscal 2016, we substantially replaced our customer evaluation inventory program with a sales demonstration equipment program. As a result, customer evaluation inventory write-downs due to excess and obsolete inventory
began to decrease in fiscal 2016.

Cost of support and maintenance revenue increased by $2.5 million, or 56%, from $4.6 million
in fiscal 2015 to $7.1 million in fiscal 2016. The increase in cost of support and maintenance revenue was primarily driven by $1.9 million higher costs in our global customer support organization, related to an increase of
$1.2 million in personnel costs due to a 47% headcount increase, as well as increases to overhead costs and cost to administer and operate our third-party service inventory depots. The increase in cost of support and maintenance revenue was
also driven by a $0.4 million increase in costs related to our third-party service inventory depots. This increase was as a result of an increase in our customer base.

Gross margin increased from 56% in fiscal 2015 to 63% in fiscal 2016.

Product gross margin increased from 59% in fiscal 2015 to 63% in fiscal 2016. Improvement in our product gross margin was related to a
favorable product mix and higher stand-alone software sales, and was offset primarily by higher costs in our operations organization and other inventory charges.

Support and maintenance gross margin increased from 46% in fiscal 2015 to 59% in fiscal 2016, as we gained leverage in our customer support
organization.

Research and development expense increased by $15.0 million, or 53%, from $28.2 million
in fiscal 2015 to $43.2 million in fiscal 2016. The increase in research and development expense was driven primarily by higher personnel costs of $10.6 million due to a 52% increase in our research and development headcount as we hired
additional personnel to continue to develop new and enhanced product offerings, and a $2.5 million increase in overhead costs. In addition, prototype expense increased by $0.8 million as we continued to expand our research and development
efforts.

Sales and Marketing

Fiscal Year EndedJanuary 31,

Change

2015

2016

$

%

(in thousands, except percentages)

Sales and marketing

$

55,060

$

87,993

$

32,933

60

%

Sales and marketing expense increased by $32.9 million, or 60%, from $55.1 million in fiscal 2015 to
$88.0 million in fiscal 2016. The increase in sales and marketing expense was primarily driven by higher personnel costs of $11.1 million due to a 39% headcount increase. Sales commission and travel expenses increased by $10.0 million
due to increased sales, higher sales and marketing activities, and overhead costs increased by $4.7 million, primarily driven by depreciation of equipment in our sales demonstration program that we initiated at the start of fiscal 2016. In
addition, as part of our efforts to penetrate and expand in global markets, the cost of our marketing activities, generally including field events, advertising, tradeshows, brand awareness, demand generation and other expenses, collectively
accounted for $6.3 million of the increase.

General and Administrative

Fiscal YearEnded January 31,

Change

2015

2016

$

%

(in thousands, except percentages)

General and administrative

$

13,941

$

18,773

$

4,832

35

%

General and administrative expense increased by $4.8 million, or 35%, from $13.9 million in fiscal
2015 to $18.8 million in fiscal 2016. The increase in general and administrative expense was primarily due to a $4.2 million increase in personnel costs, driven primarily by both a 57% increase in headcount to support our growing
operations and a $0.6 million increase in stock-based compensation representing a cumulative difference adjustment resulting from our adoption of equity administration software and its approach to applying the estimated forfeiture rate to
stock-based compensation. Outside professional fees also increased by $1.7 million. These increases were partially offset by a $1.2 million charge recorded in fiscal 2015, representing our estimate of the cumulative liability related to
delinquent state sales taxes as of January 31, 2015, as well as related interest and penalty accruals. There was no such charge in fiscal 2016.

Interest expense increased by $4.1 million, from $0.3 million in fiscal 2015 to
$4.4 million in fiscal 2016. The increase in interest expense was primarily due to our increased borrowings under our credit facilities during fiscal 2016, as well as amortization of deferred credit facility fees, note issuance costs and debt
discounts in relation to our credit facility and loan obligation.

Other income (expense), net changed by $0.4 million, from
$0.1 million in expense in fiscal 2015 to $0.3 million in income in fiscal 2016. The change in other income (expense), net was primarily due to an increase of $0.2 million in interest income driven by higher average balances in our cash
and cash equivalents, coupled with a $0.4 million loss from debt extinguishment in fiscal 2015, which was partially offset by increases in the fair value of our convertible preferred stock warrant liability in fiscal 2016.

Provision for Income Taxes

Fiscal Year EndedJanuary 31,

Change

2015

2016

$

%

(in thousands, except percentages)

Provision for income taxes

$

222

$

634

$

412

186

%

Provision for income taxes increased by $0.4 million, or 186%, from $0.2 million in fiscal 2015 to
$0.6 million in fiscal 2016. The increase in the provision for income taxes was primarily due to an increase in foreign taxes as we continue to expand globally.

The following table sets forth our unaudited interim consolidated statement of operations data for each of the eight quarters in the period
ended January 31, 2017, as well as the percentage that each line item represents of total revenue. The unaudited interim consolidated statement of operations data set forth below have been prepared on the same basis as our audited consolidated
financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for the fair presentation of such data. Our historical results are not necessarily indicative of the
results that may be expected in the future and the results for any quarter are not necessarily indicative of results to be expected for a full year or any other period. The following quarterly financial data should be read in conjunction with our
consolidated financial statements and the related notes included elsewhere in this prospectus.

Our quarterly revenue increased sequentially over the periods presented due to increases in sales of our products and support and maintenance
to new and existing customers. Increases in revenue are generally attributable to an increase in the size of our customer base and mix, an increase in the number of our VMstore products and stand-alone software licenses sold and, to a lesser
extent, an increase in the average sales price for certain of our products.

In general, our sales are subject to seasonal trends. Our
fourth fiscal quarter, ending January 31, typically has the highest revenue in our fiscal year, and our first fiscal quarter, ending April 30, typically has the lowest revenue in our fiscal year. We believe that our year-over-year growth
has reduced the impact of these seasonal trends, and that

seasonal variations in our business may become more pronounced over time. Historical patterns in our business may not be a reliable indicator of our future sales activity or performance.

Quarterly Gross Margin Trends

Our total quarterly gross margins ranged from 56% to 66% during the periods presented. Gross margin has been and will continue to be affected
by a variety of factors, including the average sales price of our products, manufacturing and inventory-related costs, the mix of products sold and the mix of product revenue and support and maintenance revenue.

Quarterly Expense Trends

Sales and marketing, research and development and general and administrative expenses generally grew significantly over the quarterly periods
presented, primarily due to increases in headcount in connection with the expansion of our business.

Key Financial and Operational Metrics

The following table presents certain key metrics for each of the eight quarters in the period ended January 31, 2017. In addition to our
results determined in accordance with GAAP, we believe the following non-GAAP measures are useful in evaluating our operating performance.

Three Months Ended

Apr. 30,2015

Jul. 31,2015

Oct. 31,2015

Jan. 31,2016

Apr. 30,2016

Jul. 31,2016

Oct. 31,2016

Jan. 31,2017

(unaudited)

Free cash flow as a percentage of total revenue

(125

)%

(104

)%

(68

)%

(62

)%

(88

)%

(79

)%

(58

)%

(32

)%

A reconciliation of free cash flow to cash flow used in operating activities, the most directly comparable
financial measure calculated and presented in accordance with GAAP, is provided below:

As of January 31, 2017, we had cash and cash equivalents of $48.0 million. Our cash and cash equivalents primarily consist of bank
deposits and money market funds. We have generated significant operating losses and negative cash flows from operations as reflected in our accumulated deficit of $338.7 million as of January 31, 2017.

We have experienced negative cash flows from operations since inception and expect negative cash flows from operations to continue for the
foreseeable future. Net losses incurred during the past three fiscal years ended January 31, 2015, 2016 and 2017 amounted to $69.7 million, $101.0 million and $105.8 million, respectively. Unless and until we are able to generate sufficient revenue
from sales of our products and services to generate positive cash flows from operations, we expect such losses to continue. We are also subject to certain financial covenants related to our debt facilities that, if breached, could result in the debt
becoming immediately due and payable in the event the lenders choose to declare an event of default. We may not have sufficient liquidity to repay amounts outstanding under our debt facilities should they become immediately due and payable.

Historically, we have funded a significant portion of our operations through the issuance of equity and debt. In fiscal 2016, we raised
$124.6 million in gross proceeds related to the sale of convertible preferred stock. Subsequent to January 31, 2017, we also entered into various amendments to our existing debt agreements and entered into a convertible note facility that
increased our committed borrowing capacity by $50.0 million. We expect that this additional financing, combined with our plans for continued revenue growth and our existing cash and cash equivalents, will provide sufficient liquidity for us to meet
our obligations and debt financial covenants through at least June 2, 2018.

Until we can generate positive cash flows from
operations, we expect to continue to finance our operations with additional debt or equity financing and/or work with our lenders to amend certain financial covenants. Our ability to raise additional liquidity is subject to a number of
uncertainties, including, but not limited to, the market demand for our common or preferred stock, the market demand for our products and services, negative economic developments, adverse market conditions, significant delays in the launch of new
products and lack of market acceptance of new products. If we are not able to raise additional capital or access our debt facilities in sufficient amounts to fund our operations, it would have a material adverse effect on our business, operating
results and financial condition.

Cash Flows

The following table summarizes our cash flows for the periods presented:

Fiscal Year EndedJanuary 31,

2015

2016

2017

(in thousands)

Cash used in operating activities

$

(51,098

)

$

(62,109

)

$

(70,366

)

Cash provided by (used in) investing activities

(26,437

)

(56,409

)

58,334

Cash provided by (used in) financing activities

(958

)

161,597

9,425

Foreign exchange impact on cash and cash equivalents

64

(2

)

(61

)

Net increase (decrease) in cash and cash equivalents

$

(78,429

)

$

43,077

$

(2,668

)

Cash Flows Used In Operating Activities

In fiscal 2017, cash used in operating activities was $70.4 million. The primary factors affecting our cash used in operating activities
during this period were our net loss of $105.8 million, partially offset by non-cash charges of $13.8 million for stock-based compensation, $9.3 million for depreciation and amortization of our

property and equipment, $0.8 million for accretion of balloon payment and amortization of debt issuance cost, credit facility fees and discount on debt, and net cash flows of
$11.5 million provided by changes in our operating assets and liabilities. The primary driver of the changes in operating assets and liabilities was a $14.6 million increase in deferred revenue. The increase in deferred revenue was due to
a greater number of support and maintenance contracts related to the growth in our product sales and increased renewal of existing support and maintenance contracts associated with our larger installed customer base. Changes in our operating assets
and liabilities were also significantly affected by a $13.7 million increase in accounts payable and accrued liabilities, offset by a $10.0 million increase in accounts receivable, $3.7 million in prepaid expenses and other assets, and a
$3.1 million increase in inventories. The increase in accounts payable and accrued liabilities was primarily attributable to increased activities to support overall business growth. The increase in accounts receivable was primarily due to
revenue growth. We expect operating cash flows to continue to be affected by timing of sales and timing of collections. The increase in inventories was primarily attributable to incremental service inventory acquired to support our customer support
agreements associated with our larger installed customer base.

In fiscal 2016, cash used in operating activities was $62.1 million.
The primary factors affecting our cash used in operating activities during this period were our net loss of $101.0 million, partially offset by non-cash charges of $9.8 million for stock-based compensation, $7.8 million for
depreciation and amortization of our property and equipment, $1.6 million for accretion of balloon payment and amortization of debt issuance cost, credit facility fees and discount on debt, and net cash flows of $19.8 million provided by
changes in our operating assets and liabilities. The primary driver of the changes in operating assets and liabilities was a $18.8 million increase in deferred revenue. The increase in deferred revenue was due to a greater number of support and
maintenance contracts related to the growth in our product sales and increased renewal of existing support and maintenance contracts associated with our larger installed customer base. Changes in our operating assets and liabilities were also
significantly affected by a $3.8 million increase in accounts payable and accrued liabilities, and a $1.8 million decrease in inventories, partially offset by a $4.1 million increase in accounts receivable. The increase in accounts payable
and accrued liabilities was primarily attributable to increased activities to support overall business growth. The increase in accounts receivable was primarily due to revenue growth. The decrease in inventories was primarily attributable to our
transition away from our customer evaluation inventory program.

In fiscal 2015, cash used in operating activities was $51.1 million.
The primary factors affecting our cash used in operating activities during this period were our net loss of $69.7 million, partially offset by non-cash charges of $5.2 million for stock-based compensation and $3.5 million for
depreciation and amortization of our property and equipment, and net cash flows of $9.8 million provided by changes in our operating assets and liabilities. The primary driver of the changes in operating assets and liabilities was a
$13.8 million increase in deferred revenue. The increase in deferred revenue was due to a greater number of support and maintenance contracts related to the growth in our product sales and increased renewal of existing support and maintenance
contracts associated with our larger installed customer base. Changes in our operating assets and liabilities were also significantly affected by a $14.4 million increase in accounts payable and accrued liabilities, offset by a
$12.6 million increase in accounts receivable, a $2.9 million increase in prepaid expenses and other assets, and a $3.0 million increase in inventories. The increase in accounts payable and accrued liabilities was primarily
attributable to increased activities to support overall business growth. The increases in accounts receivable was primarily due to revenue growth. The increase in inventories, prepaid expenses and other assets, accounts payable and accrued
liabilities was primarily attributed to increased activities to support overall business growth.

Cash Flows from Investing
Activities

In fiscal 2017, net cash provided by investing activities was $58.3 million, which consisted of $76.4 million
from maturities of our investments, partially offset by $13.8 million from purchases of investments and $4.3 million of purchases of property and equipment.

In fiscal 2016, net cash used in investing activities was $56.4 million, which consisted of
$70.4 million from purchases of investments and $10.9 million of purchases of property and equipment as we continue to invest in the longer term growth of our business, partially offset by $24.9 million from maturities and sales of our
investments.

In fiscal 2015, net cash used in investing activities was $26.4 million, which consisted of $37.0 million used in
purchases of investments and $8.7 million used in purchases of property and equipment, partially offset by $19.2 million from maturities and sales of our investments.

Cash Flows from Financing Activities

In fiscal 2017, net cash provided by financing activities was $9.4 million, which consisted primarily of $7.0 million from the draw-down of our
revolving line of credit and $2.3 million of proceeds from exercises of stock options.

In fiscal 2016, net cash provided by financing
activities was $161.6 million, which consisted primarily of $122.8 million of net proceeds from the sale of our Series F convertible preferred stock, $35.0 million from the draw-down from our credit facility, $7.0 million from the draw-down of our
revolving line of credit and $3.1 million of proceeds from exercises of stock options, partially offset by $6.0 million of repayment of our revolving line of credit.

In fiscal 2015, net cash used by financing activities was $1.0 million, which consisted primarily of a $10.9 million repayment of
our revolving line of credit and an $8.0 million repayment of our credit facility, partially offset by proceeds of $14.0 million from the draw-down of our revolving line of credit, $3.0 million from the draw-down of our credit
facility and $1.1 million of proceeds from exercises of stock options.

Debt Obligations

We have a credit facility with TriplePoint which, as of January 31, 2017, provided up to $35.0 million of available funds. This credit
facility is secured by a security interest, junior to the SVB facility described below, on substantially all of our assets, including our intellectual property, and contains certain customary non-financial restrictive covenants. As of January 31,
2017, we had $35.0 million outstanding under this facility, all of which bear interest at 10% per year and will become due in August 2017. In February and March 2017, we entered into amendments to our credit facility with TriplePoint which
extended the maturity of the $35.0 million outstanding from August 2017 to August 2018. In February 2017, we also borrowed an additional $15.0 million from TriplePoint, which bears interest at 9% per year and becomes due in February 2019. In
June 2017, we entered into an agreement with TriplePoint to extend the maturity date of $35.0 million of borrowings from August 2018 to February 2019, at which point approximately $30.0 million of borrowings will amortize over the following 18
months, subject to certain conditions.

We have a revolving line of credit with SVB, from which an amount based on a percentage of
qualifying accounts receivable is available for us to borrow, up to a total of $20.0 million. This facility is secured by a security interest, senior to the TriplePoint facility described above, on substantially all of our assets, including our
intellectual property, and contains certain customary financial and non-financial restrictive covenants. This facility is scheduled to expire in May 2018. As of January 31, 2017, we had $14.0 million outstanding under this facility, which bears
weighted average interest of 4.42% per year. In February 2017, we borrowed an additional $5.0 million under this revolving line of credit.

The following table summarizes our contractual obligations as of January 31, 2017:

Payment Due by Period

Total

Less Than1 Year

1-3 Years

3-5 Years

More Than5 Years

(in thousands)

Operating leases

$

39,340

$

7,121

$

14,146

$

14,089

$

3,984

Capital leases

389

216

173





Debt obligation*

48,962



48,962





Total

$

88,691

$

7,337

$

63,281

$

14,089

$

3,984

*

Subsequent to January 31, 2017, we entered into amendment to our New Facility Agreement with Triplepoint. Under these amendments, we borrowed an additional $15.0 million, which will mature in February 2019. Subsequent
to January 31, 2017, we amended our Loan and Security Agreement with SVB, under which we drew down an additional $5.0 million.

We contract with an offshore subsidiary of Flex to manufacture all of our hardware products. Our agreement with Flex does not require us to
purchase any minimum volumes of products from Flex, but in the normal course of business we provide rolling nine month forecasts to Flex of our monthly purchase requirements, the first three months of which are purchase commitments that Flex relies
upon to procure components used to build finished products. We have commitments to Flex related to inventories on-hand at Flex and non-cancelable purchase orders for our products and related components. We record a charge to cost of product sales
for firm, non-cancelable and unconditional purchase commitments with Flex for non-standard components when and if quantities exceed our future demand forecasts. As of January 31, 2016 and 2017, we had $7.2 million and $13.5 million of
purchase commitments with Flex, respectively.

Off-Balance Sheet Arrangements

In fiscal years 2015, 2016, and 2017, we did not have any relationships with unconsolidated entities or financial partnerships, such as
structured finance or special purpose entities that were established for the purpose of facilitating off-balance sheet arrangements or other purposes.

Quantitative and Qualitative Disclosures about Market Risk

We are exposed to market risk in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial
position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of fluctuations in foreign currency exchange rates and interest rates.

Foreign Currency Risk

Our sales contracts are denominated in U.S. dollars, and therefore, substantially all of our revenue is not subject to foreign currency risk.
However, a strengthening of the U.S. dollar could increase the real cost of our products to our customers outside of the United States, which could adversely affect our financial condition and operating results. In addition, a portion of our
operating expenses is incurred outside the United States, is denominated in foreign currencies such as the Euro, the Pound Sterling, and the Japanese Yen, and is subject to fluctuations due to changes in foreign currency exchange rates. To
date, we have not entered into any hedging arrangements with respect to foreign currency risk or other derivative instruments. In the event our foreign sales and expenses increase, our operating results may be more greatly affected by foreign
currency exchange rate fluctuations, which can affect our operating income or loss. The effect of a hypothetical 10% change in foreign currency exchanges rates applicable to our business would not have had a material impact on our historical
consolidated financial statements. If in the future we become more exposed to currency fluctuations and are not able to successfully hedge against the risks associated with currency fluctuations, our operating results could be adversely affected.

Our cash and cash equivalents primarily consist of bank deposits and money market funds. The carrying amount of our cash equivalents reasonably
approximates fair value, due to the short maturities of these instruments. The primary objectives of our investment activities are the preservation of capital, the fulfillment of liquidity needs and the fiduciary control of cash and investments. We
do not enter into investments for trading or speculative purposes. Our investments are exposed to market risk due to a fluctuation in interest rates, which may affect our interest income and the fair market value of our investments. However, due to
the short-term nature of our investment portfolio, we do not believe an immediate 10% increase or decrease in interest rates would have a material effect on the fair market value of our portfolio. We therefore do not expect our operating results or
cash flows to be materially affected by a sudden change in market interest rates.

Critical Accounting Policies and Estimates

Our consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The preparation
of these consolidated financial statements requires our management to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We base our estimates, assumptions
and judgments on historical experience and on various other factors that we believe to be reasonable under the circumstances. Different assumptions and judgments would change the estimates used in the preparation of our consolidated financial
statements, which, in turn, could change the results from those reported. We evaluate our estimates, assumptions and judgments on an ongoing basis.

The critical accounting estimates, assumptions and judgments that we believe have the most significant impact on our consolidated financial
statements are described below.

Revenue Recognition

We generate revenue from sales of enterprise cloud platform products and related support and maintenance. We derive revenue primarily from two
sources: (i) product revenue, which includes hardware and perpetual software license revenue and (ii) support and maintenance revenue, which includes support, installation services and training. Revenue is recognized when all of the
following criteria are met: persuasive evidence of an arrangement exists; the product or service has been delivered; the sales price is fixed or determinable; and collection is reasonably assured.

We define each of the four criteria above as follows:



Persuasive Evidence of an Arrangement Exists. We use stand-alone purchase orders, signed sales quotations or purchase orders pursuant to the terms and conditions of
a master sales agreement to support the evidence of an arrangement with channel partners, distributors and customers.



Delivery Has Occurred. We use shipping documentation to verify delivery of products. We typically recognize product revenue upon transfer of title and risk of loss, which is primarily upon shipment to
channel partners, distributors and customers. Support and maintenance revenue is recognized over time as the services are delivered. We generally do not have significant obligations for future performance, such as rights of return or pricing
credits, associated with sales of our products. It is our practice to identify an end-user prior to shipment to a channel partner or distributor.



The Sales Price Is Fixed or Determinable. We assess whether the fee is fixed or determinable based on the payment terms associated with the transaction. If the terms are extended beyond our normal payment
terms, we will recognize revenue as the payments become due. Payment from partners is not contingent on partners receiving payment from customers.



Collection Is Reasonably Assured. We assess probability of collection on a customer-by-customer basis. Our channel partners,
distributors and customers are subjected to a credit review process that evaluates their financial condition and ability to pay.

Support and maintenance revenue includes arrangements for software and technical support for our
products. While purchasing support and maintenance services is not mandatory, substantially all products shipped have been purchased together with a support contract. Support is offered under renewable, fee based contracts and includes technical
support, hardware repair and replacement parts, and software patches, bug fixes, updates, and upgrades. Support and maintenance revenue is initially deferred and recognized ratably over the life of the contract, with the related expenses, including
the write down of customer support inventory to its net realizable value, recognized as incurred. Support and maintenance contracts range from one to five years. Unearned support revenue is included in deferred revenue.

Professional service revenue primarily consists of fees we earn related to installation. While installation services are not contractually
mandatory, customers occasionally purchase such services. We generally recognize revenue from installation services upon delivery or completion of performance. Installation services are typically short term in nature. To date, revenue arising from
installation services has been insignificant.

We report revenue net of sales taxes. Shipping charges billed to customers are included in
product revenue and the related shipping and handling costs are included in cost of product revenue.

Our offering consists of hardware
products containing software components that function together to provide the essential functionality of the product. Therefore, our hardware products (inclusive of the core software) are considered non-software deliverables and are not subject to industry-specific software revenue recognition guidance.

Our product revenue also includes revenue from
the sale of stand-alone software products. Stand-alone software may operate on our hardware product, but is not considered essential to the functionality of the hardware
and is subject to the industry-specific software revenue recognition guidance.

Our typical
multiple element arrangement includes hardware product (including the essential software) and support. We may also sell stand-alone software as part of our multiple element arrangements. We consider each of
these deliverables to be separate units of accounting based on whether the delivered items have stand-alone value. We have determined that each unit of accounting has
stand-alone value because they are sold separately by us or, for hardware products, because the customers can resell them to others on a stand-alone basis.

For certain arrangements with multiple deliverables, we allocate the arrangement fee to the non-software element based upon the relative
selling price of such element and, if software and software-related elements such as support for the software element are also included in the arrangement, we allocate the arrangement fee to those software and
software-related elements as a group. After such allocations are made, the amount of the arrangement fee allocated to the software and software-related elements is
accounted for using the residual method. When applying the relative selling price method, we determine the selling price for each element using vendor-specific objective evidence, or VSOE, of selling price, if it exists, or if not, third-party evidence, or TPE, of selling price, if it exists. If neither VSOE nor TPE of selling price exist for an element, we use our best estimated selling price, or BESP, for that element. The revenue
allocated to each element is then recognized when the basic revenue recognition criteria are met for that element.

When an arrangement
includes stand-alone software products and related support, under the software revenue recognition guidance, we use the residual method to recognize revenue when a product agreement includes one or more
elements to be delivered at a future date and VSOE of the fair value of all undelivered elements exists. In the majority of our contracts, the only element that remains undelivered at the time of delivery of the product is support services. Under
the residual method, the VSOE of fair value of the undelivered elements is deferred and the remaining portion of the contract fee is recognized upfront as product revenue. If evidence of the VSOE of fair value of the undelivered elements
does not exist, all revenue is deferred and recognized at the earlier of (i) delivery of those elements occurs or (ii) when fair value can be established unless support services is the only undelivered element, in which case, the entire
arrangement fee is recognized ratably over the contractual period of the support services.

VSOE of fair value for elements of an arrangement is based upon the normal pricing and
discounting practices for those deliverables when sold separately. In determining VSOE, we require that a substantial majority of the selling prices for a deliverable fall within a reasonably narrow pricing range, evidenced by a substantial
majority of such historical stand-alone transactions falling within a reasonably narrow range.

We
are not able to determine TPE for our products or services. TPE is determined based on competitor prices for similar deliverables when sold separately. Generally, our
go-to-market strategy differs from that of our peers and our offerings contain a significant level of differentiation such that the comparable pricing of products with
similar functionality cannot be obtained. Furthermore, we are unable to reliably determine what similar competitor products selling prices are on a stand-alone basis.

When we are unable to establish the selling price of our deliverables using VSOE or TPE, we use BESP in our allocation of arrangement
consideration. The objective of BESP is to determine the price at which we would transact a sale if the product or service were sold on a stand-alone basis. We determine BESP for the purposes of allocating the
arrangement by reviewing market factors including, but not limited to, pricing practices including discounting, the geographies in which we offer our products and services, and the type of customer (i.e., channel or end-user). Additionally, we
consider historical transactions, including transactions whereby the deliverable was sold on a stand-alone basis.

Deferred revenue consists of billings or payments received in advance of revenue recognition and primarily relate to support and maintenance.
Deferred revenue that will be recognized during the twelve-month period following the balance sheet date is recorded as current deferred revenue and the remaining portion is recorded as noncurrent.

Inventories

Inventories consist primarily of raw materials related to component parts and finished goods. Finished goods include both inventory held for
sale, service inventory held at third-party service inventory depots in support of customer support agreements, and customer evaluation inventory.

Inventory values are stated at the lower of cost (on a first in, first out method), or market value. A provision is recorded to adjust
inventory to its estimated realizable value when inventory is determined to be in excess of anticipated demand or obsolete. Specifically, service inventory is written down to its net realizable value based upon the estimated loss of utility starting
from the date the customer support inventory is placed in the third-party service inventory depots; and customer evaluation inventory is reviewed and reserved for excess and obsolescence.

We use significant judgment in establishing our forecasts of future demand within a specific time horizon and obsolete material exposures.
These estimates depend on our assessment of current and expected purchases from our customers, product lifecycle and development plans and current sales levels. If actual market conditions are less favorable than those projected by management, which
may be caused by factors within and outside of our control, we may be required to increase our inventory write-downs, which could have an adverse impact on our gross margins and profitability.

Income Taxes

Income tax expense is an estimate of current income taxes payable in the current fiscal year based on reported income before income taxes.
Deferred income taxes reflect the effect of temporary differences and carryforwards that we recognize for financial reporting and income tax purposes.

We recognize income taxes under the asset and liability method. We recognize deferred income tax assets and liabilities for the expected
future consequences of temporary differences between the financial reporting and

tax bases of assets and liabilities. These differences are measured using the enacted statutory tax rates that are expected to apply to taxable income for the years in which differences are
expected to reverse. We recognize the effect on deferred income taxes of a change in tax rates in income in the period that includes the enactment date.

We record a valuation allowance to reduce our deferred tax assets to the net amount that we believe is more likely than not to be realized. We
consider all available evidence, both positive and negative, including historical levels of income, expectations and risks associated with estimates of future taxable income, and ongoing tax planning strategies in assessing the need for a valuation
allowance. Realization of deferred tax assets is dependent upon the generation of future taxable income, if any, the timing and amount of which are uncertain. Due to the history of losses we have generated in the past, we believe that it is more
likely than not that the deferred tax assets will not be realized as of January 31, 2017. Accordingly, we have recorded a full valuation allowance on our net deferred tax assets.

We recognize tax benefits from uncertain tax positions only if we believe that it is more likely than not that the tax position will be
sustained on examination by the taxing authorities based on the technical merits of the position. We make adjustments to these reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. The
provision for income taxes includes the effects of any reserves that are considered appropriate, as well as the related net interest and penalties.

We expect to permanently reinvest undistributed earnings in foreign subsidiaries outside of the United States to fund future foreign
operations. We project that we will have sufficient cash flow in the United States and will not need to repatriate the foreign earnings to finance our domestic operations. If we were to distribute these earnings to the United States, we would
be subject to U.S. income taxes, less any allowable foreign tax credits, and foreign withholding taxes. We have not recorded a deferred tax liability on any portion of our undistributed earnings in foreign subsidiaries. If we were to repatriate
these earnings to the United States, any associated income tax liability would be insignificant.

We believe that we have adequately
reserved for our uncertain tax positions, although we can provide no assurance that the final tax outcome of these matters will not be materially different. To the extent that the final tax outcome of these matters is different than the amounts
recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on our financial condition and operating results. The provision for income taxes includes the
effects of any reserves that we believe are appropriate, as well as the related net interest and penalties.

Stock-Based
Compensation

Stock Options

Stock-based compensation expense is measured and recognized in the financial statements based on the fair value of the awards granted. The fair
value of a stock option is estimated on the grant date using the Black-Scholes option-pricing model. Stock-based compensation expense is recognized, net of estimated and actual forfeitures, over the requisite service period of the awards, which is
generally four years.

Our use of the Black-Scholes option-pricing model requires the input of highly subjective assumptions, including
the fair value of the underlying common stock, expected term of the option, expected volatility of the price of our common stock, risk-free interest rates, and the expected dividend yield of our common stock. The assumptions used in our
option-pricing model represent managements best estimates. These estimates involve inherent uncertainties and the application of managements judgment. If factors change and different assumptions are used, our stock-based compensation
expense could be materially different in the future.

These assumptions and estimates are as follows:



Fair Value of Common Stock. Because our common stock is not yet publicly traded, we must estimate the fair value of common stock. See further discussion in Common Stock Valuations
below.

Expected Term. The expected term of the options is calculated as the midpoint between the average vesting period and the contractual term of the option grants.



Expected Volatility. Since our common stock is currently not publicly traded, and therefore, no historical data on volatility of our stock is available, the expected volatility is based on an
average of the historical volatility of a group of comparable publicly traded companies in similar industries over a period equivalent to the expected term of the options.

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Risk-Free Interest Rate. The risk-free rate that we use is based on
U.S. Treasury zero-coupon issues with remaining terms similar to the expected term of the options.

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Dividends. We have never declared or paid any cash dividends and do not plan to pay cash dividends in the foreseeable future and, therefore, we used an expected dividend yield of zero in the
valuation model.

We must also estimate a forfeiture rate to calculate the stock-based compensation expense for our awards.
Our forfeiture rate is based on an analysis of our actual forfeitures. We will continue to evaluate the appropriateness of the forfeiture rate based on actual forfeiture experience, analysis of employee turnover and other factors. Quarterly changes
in the estimated forfeiture rate can have a significant impact on our stock-based compensation expense as the cumulative effect of adjusting the rate is recognized in the period the forfeiture estimate is changed. A higher revised forfeiture rate
than previously estimated will result in an adjustment that will decrease the stock-based compensation expense recognized in the consolidated statement of operations. A lower revised forfeiture rate than previously estimated will result in an
adjustment that will increase the stock-based compensation expense recognized in the consolidated statement of operations.

We will
continue to use judgment in evaluating the assumptions related to our stock-based compensation on a prospective basis. As we continue to accumulate additional data related to the historic optionee exercise and termination behavior and to our common
stock value, we may have refinements to our estimates, which could materially impact our future stock-based compensation expense.

We have
granted stock awards with a service condition only, which stock-based compensation expense is recognized using straight-line method over the requisite service period of the awards. As of January 31, 2017, we had a total of approximately
$24.1 million of unrecognized stock-based compensation expense, net of estimated forfeitures, related to stock awards with a service condition only, which is expected to be recognized over a weighted-average period of 2.4 years.

Restricted Stock Units

Stock-based compensation expense is measured and recognized in the financial statements based on the fair value of our common stock on the date
of the grant. Stock-based compensation expense is recognized, net of estimated and actual forfeitures, over the requisite service period of the award, and upon performance conditions being met. As of January 31, 2017, we had a total of approximately
$8.8 million of unrecognized stock-based compensation expense, which is expected to be recognized upon vesting and continue through the final vesting date.

Common Stock Valuations

The fair value of our common stock underlying our stock options was determined by our board of directors. The valuations of our common stock
were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. In the absence of a
public trading market, our board of directors, with input from management, exercised significant judgment and considered numerous objective and subjective factors to determine the fair value of our common stock as of the date of each option grant,
including the following factors: